CAMPO - AÑO 15 - NUMERO 175 - ENERO 2016 - PARAGUAY - PORTALGUARANI

7/24/2019 CAMPO - AO 15 - NUMERO 175 - ENERO 2016 - PARAGUAY - PORTALGUARANI

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t`mipb supb fklkrsm mg rmspmtb y gk kji`rke`l ml mg iuljb jm gbskfrblmfbe`bs jmg pks.

Ml Xkrkfuky ms trkjè`blkg cmstmnkr gbs [u`lem, pmrb ml lumstrbeksb, is qum pbipbs`jkj, qumrmibs emltrkrlbs ml mg s`flèkjb qumsm tbik pbr mstk emgmorke`l> gk trklsè`l dke`k gk ikjurmz. Ebl-tkr ebl gk skt`sckee`l jmg rmeblbeì`mltb pbr ul trkoknb s`gmle`bsb,pmrb ebl tbjb mg emgb prbcms`blkg y gk smr`mjkj ml mg trkoknb, kltms qumprmtmljmr bcrmemr ulk kipugbs`jkj qum lb s`miprm sm ebljèm ebl gkrmkg`jkj qum v`vm mg ekipb.

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sborm mg eugt`vb jm dbrtkg`zks. Jurkltm mg rmebrr`-

jb pbr gks j`cmrmltms pkremgks qum prmpkrkrbl

pkrk gk beks`l, gbs prbjuetbrms qum keuj`mrbl

kg gufkr rmeò`mrbl `lcbrike`blms ketukgms sborm

gk prbjuee`l oknb s`stmiks prbtmf`jbs, ekipb

ko`mrtb y eblbe`mrbl lumvks vkr`mjkjms.

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Gk prbjuee`l jmg sskib ml Xkrkfuky eblt`-

lk s`mljb ulb jm gbs is ìpbrtkltms jmltrb

jm gk kfrèugturk cki`g`kr ekipms`lk. Ml mg ketukg

pmr`bjb kfrebgk mg mxemsb jm gguv`ks ekjks ml

eks` tbjb mg tmrr`tbr`b beks`blk s`tuke`blms qum

pumjml kcmetkr lmfkt`vkimltm k gk prbjuee`l yekg`jkj c`lkg. Mg Xrbc. Jr. Gjmr Kykgk ljèk ml mstm

krteugb kgfulbs prbemjì`mltbs jm iklmnb.

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tm ml gk zblk jm ikybr prbjuee`l I`s`blms

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R Ekipb.Kltms qum lkjk, qu`-s`rkibs eblbemr ul pbeb is

jm ustmj, kgfulbs jktbs pkrk tm-

lmr su pmrc`g

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Sbgvmr k ermmr ml mg @lebbpZrklspkrmle`k y ermjò`g`jkj cumrbl gbs tri`lbs is mipgmkjbs jurkltm gk ksule`l jmglumvb prms`jmltm jmg @lst`tutb Lke`blkg jm Ebbpmrkt`v`sib (@lebbp), Cg`x Nìlmz. Xrbvm-l`mltm jmg smfimltb jm Kdbrrb y Erj`tbs, sm eblst`tuym ml gk eukrtk pmrsblk ml ggmfkr kg s`-ggl prms`jmle`kg jmsjm gk ermke`l jm gk kutkrquk k ebi`mlzbs jmg s`fgb y ebl vkr`bs tmikspmlj`mltms k rmsbgvmr y btrbs jmskcbs k mlcrmltkr, ml jbljm kobf pbr ul kemreki`mltb isj`rmetb y f`g ebl gbs ebbpmrkt`v`stks, k trkvs jm rmsbgue`blms is kjmeukjks y ml ebltketbebl cmjmrke`blms, emltrkgms y gk Eblcmjmrke`l Xkrkfukyk jm Ebbpmrkt`vks (Eblpkebbp).

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qum mstuvm dke`mljb ml is jm ?88 ebb-pmrkt`vks, mg rmegkib mrk ullìm. ]lkvbz qum rmpmtk y rmegkikok gk ckgtk jmfmst`l, gk ckgtk jm ks`stmle`k, gks pmrsm-eue`blms. Zbjb msm t`pb jm eumst`blms.Ms iuy tr`stm ggmfkr k ulk ebbpmrkt`vk y

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s`blkg, ul telèb fklkljb ?i`ggblms jm fukrklms. Ms iuypbeb. Mltblems qumrmibs `l-

emlt`vkr ebl omeks, ebleursbsy gumfb pmgmkr pbr imnbrkr gbs`lfrmsbs.

Btrb pultb pbs`t`vb ms qumebl mg Eblsmnb vkibs k trkok-

nkr ml s`ltblk. Dky fmltm qumyk mstuvb ml pmr`bjbs kltmr`b-rms, ebib Uìblk Ekvkzzutt`y I`gtbl Ik`jklk. Mg Ebl-

smnb ml s mst `ltmfrkjb pbrpmrsblks ekpke`tkjks y vkibsk dkemr ul ouml trkoknb, ims`mltb trklqu`gb ml msm smlt`jb,pbrqum ekjk rmsbgue`l vk k smro`ml mstuj`kjk y kjmeukjk pkrksu kpgèke`l.

R Ekipb.P ml mg ibv`-

i`mltb2R Nìlmz. Xr`le`pkgiml-tm qum mlt`mljkl qum vmlìbspkrk kpbykr k gks ebbpmrkt`vks,lb pmrsmfu`rgks. Xmrb jmomibseuipg`r ebl mg rbg jm sekg`zkr.Mg ebltrbg, gk supmrv`s`l, mstk-ogmemr pgklms jm kee`l s` du-o g o j

R Ekipb. Eug ms supbsè`l ebl rmspmetb k

qum mg Okleb Emltrkg jmg

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tmik ipbs`t`vb2

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jkljb kg smetbr, kyujkljb pkrkpbjmr ggmvkr gk mstk ml pkz. Pebl rmspmetb kg tmik ipbs`t`vbmst gk eumst`l jmg @ipumstb kgSkgbr Kfrmfkjb (@SK) qum pbrkdbrk mst suspmlj`jb pbr sm`simsms. Msm t`mipb sm jmom kprb-vmedkr pkrk ggmvkr k gk j`seus`ly klg`s`s mltrm rmcmrmltms jmg

smetbr y gmf`sgkjbrms.R Ekipb.Kgfulk rmeb-imljke`l jmg Mnmeut`-

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Cg`x Dmrll Nìlmz Ekstrb,prms`jmltm jmg @lebbp.

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KEZ]KG@JKJ

Imj`bs jm prmlsk y kfmle`ks `ltmr-lke`blkgms sm dè`mrbl meb jm ul

rme`mltm jmoktm jm e`mltebs jm gk Kutb-r`jkj Murbpmk ml Umfur`jkj jm gbs Kg`-imltbs (MCUK, pbr sus s`fgks ml `lfgs)sborm mg fg`cbsktb y su mvmltukg `le`jml-e`k ebib kfmltm eklemrfmlb. Umfl gk`lcbrike`l rmeò`jk gbekgimltm jm Bu`Bu` Ebiulèke`l _mgmvkltm, gk MCUK

lkg`z ulk rm-mvkguke`l jmg fg`cbsktby mi`t` ul `lcbrim qum ebltrkpblmrme`mltms ikl`cmstke`blms ml jbljm smv`leugkok kg quièb ebib eklemrfm-lb, okskjbs sborm rmpbrtms jm gk Kfmle`k@ltmrlke`blkg pkrk gk @lvmst`fke`l sbormElemr (@K_E, pbr sus s`fgks ml `lfgs).

Eblcbrim gbs jktbs, mstk eblegus`lsmr `legu`jk pkrk mg jmoktm s` gk ]l`l

Murbpmk (]M) iklt`mlm b lb kg fg`cbsktbml gk g`stk jm sustkle`ks ket`vks. Zmxtukg-imltm sm gmm qum ]l frupb jm mxpmrtbs jmrmv`s`l pbr pkrms eblcbrikjb pbr e`mlt-

ebs jm gk MCUK y rmprmsmltkltms jm kfml-e`ks jm mvkguke`l jm r`msfbs jm gbs mstkjbs

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i`miorbs jm gk ]M dkl mstkogme`jb ulkjbs`s jm rmcmrmle`k kfujk (K_cJ) pkrk mgfg`cbsktb jm 8,= if pbr af jm pmsb ebrpbrkg,s`mljb gk prìmrk vmz qum tkg uiorkg jmmxpbsè`l dk s`jb kpgèkjb k gk sustkle`k.

Gumfb sm e`tk k Nbs Zkrkzblk, j`-rmetbr jm gk ]l`jkj jm Xmstè`jks jm gkMCUK> Mstm dk s`jb ul prbemsb mxdkust`vb ulk mvkguke`l ebipgmtk qum dk tbikl-

jb ml eumltk ulk eklt`jkj jm mstuj`bs yjktbs lumvbs. Kg `ltrbjue`r ulk jbs`s jm rm-cmrmle`k kfujk mstkibs knustkljb is klgk iklmrk ml qum gbs r`msfbs pbtmle`kgms jmg

fg`cbsktb smrl mvkgukjbs ml mg cuturb. Mleukltb k ekre`lbfmlè`jkj, ms ìprbokogmqum mstk sustkle`k smk eklemrfmlk.

Mg fg`cbsktb ms ulk sustkle`k quièkket`vk kipg`kimltm ut`g`zkjk ml ulk ekl-

t`jkj jm jmcmls`vbs kfrebgks y su usb mlMurbpk mst sunmtb k ulk mstrètk rmfgkiml-tke`l. Gk rmv`s`l pbr pkrms jm gk MCUK smggmv k ekob ebib pkrtm jmg prbemsb gmfkgrmqumr`jb pkrk rmlbvkr gk kutbr`zke`l jmsu usb ml Murbpk, jmtkggk ml btrb prrkcb

mg `lcbrikt`vb. Ml su pbrtkg ml `ltmrlmt smjmstkek qum MCUK ms ulk kfmle`k murbpmklkle`kjk pbr gk ]M, qum cule`blk jmiklmrk `ljmpmlj`mltm jm gks `lst`tue`b-lms gmf`sgkt`vks y mnmeut`vks ebiul`tkr`ks.Um erm ml mg ?88? trks ulk smr`m jm er`s`skgìmltkr`ks jmsktkjks k lkgms jmg ;008,ebib cumltm jm ksmsbrki`mltb e`mlteby gk ebiulèke`l sborm gbs r`msfbs ksb-

e`kjbs k gk ekjmlk kgìmltkr`k. Botuvbsu mstkogmeì`mltb gmfkg ml v`rtuj jm gkGmy Fmlmrkg jm Kgìmltbs - _mfgkimltb;64/?88?, jm gk ]M. Gk pf`lk ms dttp>//www.mcsk.murbpk.mu/ y t`mlm vmrs`blms ml`lfgs, kgmil, crkles m `tkg`klb.


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KEZ]KG@JKJ

C j j E j

Gb tmremrb ms gk pkrtm ebltkogm -lkle`mrk pkrk emrrkr ebl ul eukrtb ek-ptugb ebl gbs pr`le`pkgms rmsugtkjbs qumfukrjkl rmgke`l ebl gk pkrtè`pke`l jmgks ebbpmrkt`vks sbe`ks ml gk meblbiklke`blkg. K mstb sm suik ulk eblegus`ly gks rmebimljke`blms.

Mltrm btrbs pultbs jmstkekjbs sm mx-pusb qum mg smetbr mipgmk k is jm ;8,5

i`g pmrsblks, jm gks eukgms, ulks 6,6 i`gsbl dbiorms y ulks ?,= iunmrms. Zb-ikljb ebib rmcmrmle`k ul prbimj`b jmeuktrb pmrsblks pbr cki`g`k, sm t`mlm qumis jm :8 i`g pmrsblks jmpmljml jm `l-frmsbs fmlmrkjbs ml gks ebbpmrkt`vks.

Kjmis, gk iksk sbe`mtkr`k jm gksebbpmrkt`vks sbe`ks jm Cmebprbj ml mg?8;: pmriklme` rmgkt`vkimltm ebls-

tkltm ebl 63,0 i`g sbe`bs, kpmlks ulgmvm `lermimltb jmg 8,:% ebl rmspmetbkg ?8;5. Jm fukg cbrik, mg mipgmb ml gksebbpmrkt`vks kuimlt :% ml msm gkpsb,s`flèkt`vk, pmrb imlbr kg 0% botml`-jb mltrm ?8;? y ?8;5. Mg smetbr erlèbcum jmtmri`lkltm pkrk gk suok, ks ebibgk `ljustr`k jmr`vkjk jm gk gmedm erujk

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gbs pr`le`pkgms rmsugtkjbs bosmrvkl ulmstkleki`mltb ml gk fmlmrke`l jm ir-fmlms y kuimltb mltrm jmps`tb y ekrtmrklmtk, gb qum jmtmri`l qum sm rmpbrt ulkrmjuee`l ml gk prbjuet`v`jkj y pbtmle`k-e`l ml mg lmfbe`b lkle`mrb.

Xbr btrk pkrtm, ml mg pmr`bjb ?8;5 ?8;: gbs ruorbs kfrebgks j`si`luymrblml su ebimre`kg`zke`l, pr`le`pkgimltm

ml eukltb k sbnk, tr`fb y ikz sm rmmrmpbr gk oknk jm gbs prme`bs `ltmrlke`b-lkgms. Mltrm tkltb, duob `lermimltbss`flèkt`vbs ml dkr`lks, okgklemkjbs yymrok iktm, ks ebib ulk ikybr vmltkml mg imrekjb `ltmrlb. Mltrm gks ikyb-rms vmltks sm jmstkekrbl gk ekrlm vkeulky gbs getmbs.

C`lkgimltm, mltrm gks rmebimljk-

e`blms, sm pgkltm smfu`r ebl is `l-justr`kg`zke`l jm gks iktmr`ks prìks,kjmis jm mstìugkrgk pkrk fklkr ik-ybr ebipmtmle`k ml gbs imrekjbs, tkltblke`blkgms ebib mxtrklnmrbs. Zkio`lousekr imj`jks jm j`vmrsèke`l eblruorbs kgtmrlkt`vbs, ks ebib jm gbsimrekjbs smfl prbjuetb.

Mg g g g

Lbvmjkjms jmg emlsb eblt`lub jm ebbpmrkt`vks


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KEZ]KG@JKJ

Kltms jm eblegu`r mg ?8;: y kpmlks `l`-e`kjb mg ?8;=, sm rmf`strkrbl vkr`bsekio`bs ml mlt`jkjms v`leugkjks k gk ket`-v`jkj prbjuet`vk. Mltrm kqumggbs, gk jme`-s`l jm lbiorkr k ul lumvb `lqu`g`lb kgcrmltm jmg I`l`stmr`b jm Kfrèugturk y Fk-lkjmrk (IKF). Xmrb tkio`l duob fbgpmjm tìl ml mlt`jkjms tkgms ebib ml mg Umr-vè`b Lke`blkg jm Ekg`jkj y Ukl`jkj Smfm-tkg y jm Umi`ggks (Umlkvm) y ml mg @lst`tutbL g j E (@ )

oknb. Mggbs prbvmml lsuibs, lbsbtrbs ebltrb-gkibs pkrk qum gbs prbjuetbs smkl jm gk ekg`-

jkj jmegkrkjk y lmemskr`k pkrk qum lumstrkkfrèugturk s`fk prbfrmskljb, `ljè.

@lebbp. Btrk ksule`l sm j`b ml mg@lebbp, pmrb mstk vmz, k j`cmrmle`k jmgbs jmis, cum pbr gk pbsms`l kg ekrfbjmg lumvb prms`jmltm Cg`x Dmrll Nì-lmz Ekstrb, qu`ml rmmpgkzk k DuiomrtbF g j j

jmg ketukg Fbo`mrlb, Nukl Ekrgbs OkrunkCmrlljmz, ksui` mg 6 jm mlmrb, ml gksmjm jm gk Umermtkrk jm Mstkjb. Xkrtè`-pkrbl cule`blkr`bs y rmprmsmltkltms jmgio`tb, ks ebib `lv`tkjbs mspme`kgms.

Gk prbimsk jmg lumvb t`tugkr jmg U`-

ggl jm Omrtbl`cum gk jm mstkr emrek jmgbs prbjuetbrms, ml mspme`kg jm gbs ispmqumbs.

Ikl`cmst su skt`sckee`l kg ksui`rmstk rmspblsko`g`jkj, pkrk gk eukg sm s`ml-tm prmpkrkjb y, kfrkjme` gk eblklzkjmpbs`tkjk ml su pmrsblk pkrk mstkr kgcrmltm jm gks ìpbrtkltms cule`blms qumj gg

Um v`l`mrbl gbs ekio`bs

Ksule`l jmg lumvb i`l`strb jm Kfrèugturk yFklkjmrk, Nukl Ekrgbs Okrunk Cmrlljmz.

Xbsms`l jm ekrfb jmg lumvb prms`jmltmjmg Umlkvm, @lf. Kfr. Kgcrmjb Fryeùa.

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Gk ]l`l jm Frmi`bs jm gk Xrbjue-e`l (]FX) `lcbri qum lkg-

imltm mg Okleb Emltrkg jmg Xkrkfuky(OEX) j`b k eblbemr gks imj`jks qumpmri`t`rl k gbs kfrèugtbrms pbjmr rm-lkle`kr sus jmujks, frke`ks k gk mx `-o`g`zke`l gbfrkjk kg mxtmljmr ;?8 jksis mg pgkzb pkrk rmekgmljkr`zkr gbs

j g

ek jm sus eg`mltms jmg smetbr prbjuet`vbkfrebgk, pkrk prbemjmr k gk rmlbvke`l,

M g Mnmeut`vb rmfgkimlt kgfulks j`s-o g j g

KEZ]KG@JKJ

Cgmxò`g`zke`l pkrk ebiprbi`sbs lkle`mrbsrmlkle`ke`l b rmmstrueturke`l jm gksrmspmet`vks jmujks, ml oksm k su ekpke`-jkj jm pkfb rmkg.

Kltm mstb sm ebls`jmr eblvml`mltmknustkr mg pgkzb jm v`fmle`k jm gk imj`jktrkls`tbr`k jm kpbyb kg smetbr prbjue-t`vb kfrebgk. Xbr mggb, sm rmsbgv` mstk-ogmemr ebib imj`jk trkls`tbr`k, dkstk mg

58 jm kor`g jm ?8;3, prmv`b mstuj`b jmekjk eksb ml pkrtèugkr, qum gk cbrikg`-zke`l jm gk rmmstrueturke`l jmg ekp`tkg,`leguymljb gbs `ltmrmsms jmvmlfkjbs ybtrbs ekrfbs, dkstk gk cmedk jmg lumvbkeumrjb b ebltrktb, jm gbs prstkibsbtbrfkjbs k gbs smetbrms v`leugkjbs k gkket`v`jkj kfrebgk kcmetkjbs pbr rmjue-e`blms koruptks y sbstml`jks jm prme`bs

jm prbjuetbs kfrebgks, `ltmrruip`r mgeiputb jmg pgkzb jm gk ibrk.

Mxblmrke`l k pmqumbs kfrèugtbrmsZr outke`l (UMZ) qum mstkogmem gk mxpmj`-

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?: KEZ]KG@JKJ JMG EKIXB KF_BXME]K_@B MLM_B?8;3

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G k mgì`lke`l jm gks rmtmle`blmskg tr`fb y mg ikz ms ul pksb dke`kjmgkltm pkrk gk rmeupmrke`l jm gk ebi-pmt`t`v`jkj y rmltko`g`jkj jmg smetbr, ysborm tbjb pkrk gk vumgtkjm kioks frkilmks k gk

rbtke`l kfrebgk, culjk-imltkg pkrk gk sustmltk-o`g`jkj jm gbs s`stmiks.

P qu jme`r jm gks meblb-iks rmf`blkgms, jbljmmstkok ml r`msfb mg mipgmbjm ;,= i`ggblms jm pmrsb-lks. Kdbrk jmsjm pmrks yiklzklks dkstk mg kgfb-jl jmnkrl jm pkfkr ulìpumstb qum mstkok ebl-jmlljbgks k jmskpkrmemr.Zkio`l ms o`mlvml`jk gkrmjuee`l ml gks rmtmle`b-lms k gk sbnk, kulqum mg ìpketb ms imlbrqum pkrk mg rmstb jm gks prbjuee`blms. Mgkfrb emgmork qum mg fbo`mrlb rme`mltmiml-

tm ksui`jb dkyk euipg`jb ml t`mipb ycbrik ebl sus prìmrks prbimsks pbg-tèks, qum tmlkl ebib okljmrk gk qu`tk

Mip`mzk btrk d`stbr`k

G ks lbvmjkjms fmlmrkjks pbr gk Kj-i`l`strke`l Iker` tkio`l sblulk obeklkjk jm k`rm crmseb pkrk gbsckorèkltms jm `lsuibs jmst`lkjbs kgkfrb qum, ebib mg prbjuetbr, vmlkljmltrb jm ul eukjrb meblièb-lkl-

jm gbs jmrmedbs jm mxpbrtke`l qum tkltbjkb gm dkl dmedb k gk meblbik lke`b-lkg, k gbs prbjuetbrms kfrbpmeukr`bs, y ktbjks gks ebiul`jkjms jmg `ltmr`br. Xmrb

kjmis ms kipg`kimltmpbs`t`vb mg s`lemrki`ml-

tb bpmrkjb ml gk pkr`jkjekio`kr`k mltrm mg pmsb ymg jgkr. Gk iblmjk lk-e`blkg mstkok jmvkgukjkdkem gkrfb rktb, skgvb pkrkqu`ml prbjuem o`mlms mx-pbrtkogms. Kdbrk sm dkpumstb ml ogkleb sbormlmfrb ulk rmkg`jkj qumtbjbs eblbekibs.

Mg ekipb dk jmibs-trkjb qum pumjm pblmrsmjm p`m eukljb sm gb jmnktrkoknkr, eukljb lb sm gb

ktkek, eukljb lb sm gb ksx`k ìpbs`t`vk-imltm, y eukljb lb sm e`mrrkl gbs eki`-lbs ebimre`kgms. Mip`mzk btrk d`stbr`k, y

ekom mspmrkr ulk Krfmlt`lk iuy ket`vkml gbs imrekjbs ltmrlke`blkgms, ml eukg-qu`mrk jm gbs prbjuetbs jmg kfrb.

J m is mst kegkrkr qum sbl `l-tmri`lkogms gks iumstrks jmomlmpge`tb rmspmetb jm ul tmikqum sm dk eblvmrt`jb ml mxeguymltm.Mstkibs iuy mltus`ksikjbs ebl gks

pmrspmet`vks k cuturb pkrk mg smetbr

kfrbpmeukr`b, smkg Nukl Ckr`lkt`,prms`jmltm jm Iblskltb Krfmlt`-lk. Dkem rktb qum mstl trkoknkl-jb pkrk eblsbg`jkr gk S`s`l ?8?=pkrk gk kfrèugturk Krfmlt`lk y gkeblegus`l is ìpbrtkltm ms qummg smetbr kfrebgk krfmlt`lb t`mlm mgpbtmle`kg rmkg jm ggmfkr k prbjue`r;48 i`ggblms jm tblmgkjks jm frklbsml gk prxìk jekjk.

Jmsjm gk mlt`jkj qum luegmk k gkekjmlk jmg ikz y jmg sbrfb (Ikzkr)`ljèkrbl qum vmibs ebl frkl bpt`-i`sib gk mgì`lke`l jm gbs jmrmedbsjm mxpbrtke`l k tbjbs gbs prbjuetbsjm gk ekjmlk, ks ebib gks trkoks k gksmxpbrtke`blms. Umr culjkimltkg pkrk

gbfrkr gk mxpkls`l jm gbs eugt`vbs jmikz y sbrfb y gk fmlmrke`l jm vkgbrkfrmfkjb y r`qumzk ml mg `ltmr`br jmg

pks. Mstb sm trkjue`r ml ikybr mi-pgmb fmlu`lb y ml ul ìpbrtkltm lfrm-sb jm j`v`sks kg pks fmlmrkjks pbr gksmxpbrtke`blms jm ikz, sbrfb y prbjue-tbs jm su ekjmlk jm vkgbr.

K su turlb, mg t`tu gkr jm g lumvbI`l`stmr`b jm Kfrb`ljustr`k, _`-ekrjb Ouryk`gm, pusb ml cule`blmsk su fko`lmtm y prblule` ulk crksmqum iumstrk gbs lumvbs t`mipbs> Mgeblètb fbo`mrlb-ekipb yk tmri`l.Zmljrmibs ul j`gbfb prbjuet`vb ebltbjbs gbs smetbrms, prbimt` kltm ulpogèb ktmstkjb jm rmcmrmltms jmgio`tb kfrbpmeukr`b ljustr`kg. Jmlumvb, mip`mzk btrk d`stbr`k.

;48 i`ggblms

@ipugsbfmlmrkg`zkjb

e`mrb rmkgimltm ertèb. ]l rmcmrmltmjmg smetbr jm cmrt`g`zkltms `ljè k ulkkujè`l rkj`kg qum yk vmibs ul eki-o`b ml gb `limj`ktb, mg ikz lb ebrr`f`tbjk gk prj`jk jm rmk qum sm mspmrkok,

pmrb kg imlbs gk ekjk jmg :8 % ml mg usbjm cmrt`g`zkltms jmst`lkjbs k mstm eugt`vbkdbrk lb sbormpkskr mg ?=%. Dke`k jm-gkltm vkibs k vmr ul kfrb ebl ;?8-;58i`ggblms jm tblmgkjks, y sm vkl k rmket`-vkr tbjks gks meblbiks jmg `ltmr`br jm gkXkipk Dimjk.

UbnkUm mstìk qum sm dk euo`mrtbmg 30% jm gbs ;0.4 i`ggblms jmdmetrmks qum ltmfrkl gk ltmle`ljm s`miork ?8;=-?8;3. Ml gbpkrtèugkr, gk s`miork jm sbnk jmprìmrk yk obrjmk mg 48% jmg rmkprmv`stk. Lb sm e`tkl leblvml`mltmsjm ipbrtkle`k ml gbs gbtms.

Dke`mljkUm dkl rmf`strkjb kuimltbsrmgmvkltms ml gk gtìk smiklk pkrkmg fklkjb ml p`m. Gk li`lmle`kjmg s`lemrki`mltb ekio`kr`b y gkprbxì`jkj jm gks mstks ipugsklgks ebt`zke`blms. Zrks gk ulèke`ljmg imrekjb ekio`kr`b mg lbv`gg`tb smpkfk ml tbrlb jm u$s ;.48 mg a` gb v`vb.

Zr`fbGks pmrspmet`vks pkrkmg tr`fb ekio`krblrkjèkgimltm. Um mspmrkqum gk s`miork mxpgbtmml ?8;3 y qum vbgvkibsk mstkr emrek jm gbs 3i`ggblms jm dmetrmks.Xkrk gk ekipkk qum smmst ebsmedkljb sm mstìkulk prbjuee`l jm 0.=-0.3i`ggblms jm tblmgkjks,sborm ul tbtkg jm 5.6i`ggblms jm dmetrmks.

Msb s, mg mspme`kg`stk `ljè ksì`s-ib qum tmljrkibs qum ekgeugkr pkrk lbjkkr mg sumgb ulbs 3 i`ggblms jm tblmgkjksjm cmrt`g`zkltms. eukljb dby mstkibs ml ?,=i`ggblms. Gb ìpbrtkltm ms qum mstb pumjmrmvmrt`rsm1 mg cuturb ms kgmltkjbr.


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MSMLZBU

J`rmet`vbs jm Kprbsmip nultb kg j`smrtkltm jurkltm gk o`mlvml`jk.

kprmtkjb lkle`mrkimltm y dkem gbs eug-t`vbs ebl iuy oknk tmelbgbfk, kdbrrkl-jb jbljm pumjk dkemrgb y dky ulk ckgtkjm ul ikreb gmfkg kjmeukjb ebib pkrkebltrbgkr gbs msekpms jmg s`stmik, k pkr-t`r jmg usb prbp`b b mg usb jm smi`ggks jmo g og

i`sik `lcbrike`l fmltèk qum mg prb-juetb br`f`lkg.

_mfkgks mxtmlj`jks. Mg fmrml-tm jm KrXBS tkio`l `lcbri sborm mgs`stmik jm rmfkgks mxtmlj`jks. J`nb qum

j j g

mnmreè`b ?8;= mxprms qum pkrk mg smetbrsmi`ggmrb mstm cum ul kb iuy j`ce`g.Iuedbs smi`ggmr`stks mstl qumjkljb ebliuedks smi`ggks ml jmps`tb, qum lb pu-

j`mrbl vmljmr tbjb y msb prmbeupk, pbrqumvmibs qum mg smi`ggmr`stk d`zb su trkoknb.

Mg frmi`kg`stk `ljè qum mg smetbr lbmst pkskljb pbr ul ibimltb iuy oum-lb, pr`le`pkgimltm pbrqum dby mg prbjue-tbr mst i`rkljb ebl gupk mg ebstb kjè`b-lkg y kdbrrk jbljm pumjm dkemrgb y kgg smrmjuem kl is mg usb jm smi`ggks emrt`-ekjks y rmeurrm is kg jm usb prbp`b. Ms-tkibs prmbeupkjbs y klkg`zkljb qu pbjm-ibs dkemr pkrk qum mg prbjuetbr kuimltm mgusb jm smi`ggks emrtèkjks, pbrqum dby klmstkibs gmnbs jmg =8%. Mstm kb lb sm kvklzlkjk, mg usb jm smi`ggks emrtèkjks kl mstml mg brjml 58%, j`nb.

Xbr btrb gkjb j`nb, qum mg prbjuetbrmst jm keumrjb ebl gks tmelbgbfks, rm-r`ljbsm k gks lumvks o`btmelbgbfks,pmrb gb vk k pkfkr eukljb gks ebljè`b-lms mstl jkjks. Ks ebib mstl gks ebsks,vmb j`ce`g jm qum mg prbjuetbr dkfk kgfulk`lvmrs`l y pumjk kvmlturkrsm ml ulk tme-lbgbfk lumvk, j`nb.

_m`tmr qum s` lb imnbrkl gbs prm-e`bs jm gbs ebiibj`t`ms ml gbs imrekjbs

g j c g g


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LBZK ZEL@EK

Gk ekg`jkj jm ebsmedk jmg sskibebl `lbeu`jkj jm pmst`e`jks

Gjmr Kykgk K.Xrbc. Jr. CEK/]LKsmi`ggksHkfr.ulk.py

fukyb eks` ml su tbtkg`jkj ms mxpbrtkjb`l lkturkebib t`pb ebltmrb. Mg usb beblsuib duiklb jm gbs frklbs mx`fmulk kgtk `lbeu`jkj, lb sbgkimltm ml tr-i`lbs jm kusmle`k jm i`erbbrfkl`sibspktfmlbs qum pumjkl kcmetkr k gk skguj,ebib gbs ebg`cbrims cmekgms y btrbs, s`lb

o g o g j


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ml pbebs jks eukljb lb rmeòm gks ebl-jè`blms kjmeukjks jm iklmnb.

Gk smi`ggk jm sskib t`mlm =8% jmkem`tm, frkl pkrtm ms ut`g`zkjk pkrk ebl-suib duiklb y ebib imjè`lk, pbr gbqum mg iklmnb jmg prbjuetb jmom rmkg`zkr-sm ebl suib eu`jkjb pkrk mv`tkr su jmtm-r`brke`l. K eblt`luke`l sm jmseròml gksmtkpks y sus ebrrmspblj`mltms `ljèke`b-lms jm iklmnb jmst`lkjbs k gk botmle`ljm frklbs jm sskib jm oumlk ekg`jkj.

Gks pgkltks lbrikgimltm kg ebipgm-tkr su eègb prmsmltkl ulbs sltbiks

ekrketmrstèbs qum jmoml smr bosmrvkjbsk mcmetbs jm lb jmnkr pkskr mg ibiml-tb jm ebrtm bpbrtulb. Fmlmrkgimltm gkikjurke`l sm `lè`k ml ikledblms jms-

Ekrketmrstèks qum jmomlsmr bosmrvkjks kltms jm gkebsmedk b ebrtm jm pgkltks

jm mg emltrb jm gk pkremgk mxtmlj`ljbsmrkj`kgimltm pkrk kcumrk. Xbr mstk rkzlkg bosmrvkr gbs sltbiks jm ikjurke`lsm jmom mltrkr jmltrb jm gk pkremgk y vm-

rèkr gbs smetbrms ml jbljm ebi`mlzkk ikjurkr. Gks dbnks, rkiks y crutbsqumjkl tbtkgimltm kikr`ggmltks, yk lbpbsmm brms1 frkl pkrtm jm gks dbnks smdkl ekjb. Kgfulks pgkltks prmsmltkl gkprìmrk epsugk `lcmr`br smi`ko`mrtk. Msiuy ìpbrtkltm rmebrjkr qum lb jmomlsmr ebrtkjks pgkltks ebl cbggknm vmrjm. Mleksb qum gk ikjurke`l ms iuy jmsul`-

cbrim, sm jmom `lè`kr mg ebrtm ml kqum-ggbs smetbrms jbljm gk ikjurke`l mstis kvklzkjk

]lk mspme`kg ktmle`l jmom tbikrsmebl gks vkr`mjkjms jm eègb prmebz, ebibgk UD; y A?, eblbe`jks ebib vkr`mjkjmsjm 5 imsms. Mstks vkr`mjkjms ikjurklml tbrlb jm 08 k ;88 jks, jmpmlj`mljbjm gk cmedk jm s`miork, cmrt`g`jkj y egìkjurkltm su jmskrrbggb. K j`cmrmle`k jm gkvkr`mjkj Msebok b @L@K, gks vkr`mjkjmsprmebems ikjurkl iuy rkp`jkimltm, mlpbebs jks ekio`kl rkjèkgimltm jm eb-gbr gks epsugks jm ul tblb vmrjm bseurb kul ebgbr vmrjm-gìl `ltmlsb, pbr gb

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LBZK ZEL@EK

jm mstbs tbjkvk sm mleumltrkl emrrkjbspmrb qum yk dkykl ekio`kjb jm ebgbrvmrjm pkrk ulb is kikr`ggmltb

;. Ebrtm jm pgkltks y cbrik-` j G g

qum ulk vmz qum sm kprbxìm mg euipg`-i`mltb jmg eègb jm gk vkr`mjkj, sm jmomebltrbgkr mg mstkjb jm pultb jm ebsmedkkprbp`kjb.

Gks pgkltks jm sskib sbl ebsm-edkjks eukljb gbs crutbs jm gk oksm jmgbs tkggbs ebi`mlzkl k kor`rsm, pums mlmsm mstkjb prbjueml smi`ggks ml ikybrlimrb y jm ikybr tkikb, mstm ms mgibimltb mxketb jm gk ebsmedk, pums jmkd ml kjmgkltm gk jmd`semle`k jm gbscrutbs prbfrmsk rp`jkimltm. Gks prj`-jks jm smi`ggks kuimltkl rp`jkimltm

eukljb gks pgkltks sbl ebrtkjks prmik-turkimltm kltms jm su ebipgmtk ikju-rke`l b eukljb sbl ebrtkjks tkrjk-imltm jmspus qum sm dkyk prbjue`jbgk kpmrturk jm epsugks. Mg ebrtm tkrjbrmpbrtk prj`jks iuy ìpbrtkltms kl-tms jmg mipkrvkjb, gks prj`jks pumjmlsmr ikybrms kg =8%.

Gk jmtmri`lke`l ebrrmetk jmg pul-tb jm ebsmedk jm gks smi`ggks ms jm suikìpbrtkle`k, pums eukljb ikybr cumrmmg pmr`bjb jm pmriklmle`k jm gks pgkl-tks ml mg ekipb dkstk gk ebipgmtk ik-jurke`l, ikybr smr gk prj`jk jurkltmgk ebsmedk. Gk jmd`semle`k bog`fk k qumsm ebrtml gks pgkltks eukljb gbs crutbs

qum gk `le`jmle`k jm gguv`ks pbr mg cm-limlb jm Mg L`b pumjm kcmetkr kgk ekg`jkj jmg sskib ebsmedkjb.

?. Cbrike`l jm pkrvks.Mx`s-tml osèkimltm jbs s`stmiks jm

j Mg


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LBZK ZEL@EK

mg prìmr itbjb ms qum mg s`stmik jm

smekjb ml ekokggmtm pmri`tm ul tr`ggk-jb is rp`jb mv`tkljb jmnkr gks pkr-vks jurkltm iuedb t`mipb mxpumstksk gks ebljè`blms egìtèks kjvmrsksebib gks gguv`ks crmeumltms.Ml imj`k mg ebrtm, ktkjb y cbrike`l jmpkrvks rmqu`mrm kprbxìkjkimltm ;8

g g j j

:. ^krkljmkjb. Gks smi`ggks tr`-

ggkjks sborm gk ekrpk sm ebgbekl mlobgsks y sm ggmvk `limj`ktkimltm kul gufkr gìp`b pkrk su zkrkljmkjb,sm jmoml mgì`lkr pbr ebipgmtb gksìpurmzks frkljms ebib gbs pkg`tbs,dbnks, epsugks, rkiks y gks ìpurm-zks imlbrms smi`ggks vklks, krmlk,

j j g j

gks smi`ggks qumjml smeks ebl 3%jmduimjkj pkrk ul kgikemlki`mltbsmfurb.

3. Miobgskjb. Mg sskib gìp`b

y smeb jmom smr ebgbekjb ml obgskslumvks y gìp`ks ml obgsks smi`pmr-imkogms t`pb pgkst`ggmrk. Lb jmomlut`g`zkrsm obgsks rmeègkjks jm btrbsprbjuetbs, jm cmrt`g`zkltms, pmstè`-jks u btrbs qum pumjkl rmsugtkr t-xèbs pkrk gk skguj.

6. Kgikemlki`mltb y eu`jk-jbs pkrk lb ebltki`lkr.Mg

sskib miobgskjb jmom smr ebgbekjbml ul gufkr crmseb, smeb y gìp`b. Lbjmom ebgbekrsm gks obgsks ekrfkjkssborm p`sb jm krmlk b ml mg sumgb s`lprbtmee`l. Gks obgsks sm jmoml ebgb-ekr s`miprm sborm tkogks jm ikjmrkml gufkr ebl sue`mltm k`rmke`l s`lfbtmrks, l` prmsmle`k jm klìkgms jb-istèbs b rktks. Ms iuy ìpbrtkl-

tm pkrk mv`tkr gk ebltki`lke`l eblpmstè`jks lb kgikemlkr ml mg i`sibgufkr pmstè`jks uskjbs b lumvbs,tkipbeb l`lfl t`pb jm btrk sus-tkle`k ebib ebioustògms b guor`-ekltms. Xkrk mv`tkr gk ebltki`lke`lebl eukgqu`mr t`pb jm sustkle`k qum

j c g j j j o


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KF_BLMFBE@BU

]M y _us`kcumrbl gbspr`le`pkgms ebiprkjbrms

jm gk sbnk pkrkfukyk


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6%Orks`g6%Zurquk3%Ixèb5%@srkmg5%Xmr5%Zlmz?%Oklfgkjmsd?%Mf`ptb

;% Uujcrèk;%Ikgks`k;%Mi`rktbs rkoms;%L`fmr`k;%Zk`wkl;% Bt (*)

56%

?=%

]M

_us`k

Mxpbrtke`l jmUbnkml frklb^kcrk ?8;=

G

k ]l`l Murbpmk y _us`k cum-rbl gbs ìpbrtkjbrms is rm-gmvkltms qum tuvb gk sbnk pkrk-fukyk jurkltm mg ?8;=, smfl

`ljèk mg `lcbrim jm ebimre`b mxtmr`brjm gk Eikrk Xkrkfukyk jm Mxpbrtk-jbrms y Ebimre`kg`zkjbrms jm Emrmkgmsy Bgmkf`lbsks (Ekpmeb), ml oksm k gksmstkjstèks jm gk Smltkl`ggk lèk jmMxpbrtke`l (S]M).

Kg e`mrrm jm ?8;= sm mxpbrtkrbl :,=i`ggblms jm tblmgkjks, qum s`flè ulkimrik jmg 3,4% ebipkrkt`vkimltm kg

kb kltmr`br.Gk Gè. Ubl`k Zbikssblm, ksmsbrk jm

ebimre`b mxtmr`br jm gk Ekpmeb, smkgqum mg 56% jmg vbguiml tbtkg mxpbrtkjbjm sbnk cum mlv`kjb k gk ]l`l Murbpmkqum s`fum s`mljb mg pr`le`pkg jmst`lb,kulqum mg ogbqum eumltk ebl ?4 pksms.U`l miokrfb, _us`k, qum tuvb ulk pkr-tè`pke`l jm ?=%, ms mg pr`le`pkg imr-

ekjb jm gk sbnk pkrkfukyk ebib pks mlcbrik `lj`v`jukg.

Mg rla`lf mlekomzkjb pbr gk ]l`lMurbpmk y _us`k, sm ebipgmtk ebl Orks`g(6%), Zurquk (6%), Ixèb (3%), @srkmg(5%), Xmr (5%), Zlmz (5%), Oklfgkjmsd(?%), Mf`ptb (?%), Uujcrèk (;%), Ik-g ( %) M o ] j ( %)

Ebl rmgke`l kg rla`lf jm mxpbrtkjb-rms, rmskgtkl miprmsks qum dkl mxpmrìml-tkjb ul cumrtm ermeì`mltb ml su pkrtè`-pke`l ml mg imrekjb gbekg. Gk pr`le`pkg

ms Ubjrufmstvb, jm br`fml rusb, qum pksk smr mg pr`le`pkg nufkjbr ebl mg ;0% jmgtbtkg mxpbrtkjb jm gk sbnk ml frklb, sm-fu`jb pbr gks iugt`lke`blkgms Ekrf`gg(;6%), KJI (;=%) y Lbogm (0%). Kjm-

is bpmrkrbl Imreb U.K. (4%), L`jmrk(=%), Oulfm (:%), Sèmltl (:%), EDU(:%), Ebbpmrkt`vk Ebgbl`ks ]l`jks (5%),

Kfrbcrt`g (;%), Kfrb U`gb Ukltk Ektkg`lk

(;%), ]lmxpk (;%), Kikff (;%), Jmakg-pkr (;%), Ukgtb Kfukrky (;%), Ckrfb (;%),ZFG (;%) y btrbs (:%). Ml mstk gtìk zk-crk sm rmf`strkrbl mxpbrtke`blms jm sbnk mlfrklb jm :6 miprmsks mxpbrtkjbrks.

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E blsuiljbsm ebib btrb kgìml-tb mstrmggk prbvmjb pbr Xkrkfuky,jkjk su oumlk prbjuee`l y gkkgtk ekg`jkj ml gk gtìk zkcrk, mg ikzpkrkfukyb dk j`vmrsèkjb sus imrek-

jbs, ggmfkljb k 58 jmst`lbs j`cmrmltmsjurkltm mg ?8;=, smfl mg `lcbrim jm eb-imre`b mxtmr`br jm gk Eikrk Xkrkfukykjm Mxpbrtkjbrms y Ebimre`kg`zkjbrms jmEmrmkgms y Bgmkf`lbsks (Ekpmeb), mgkob-rkjb ml oksm k gks mstkjstèks jm gk Sml-tkl`ggk lèk jm Mxpbrtke`l (S]M).

G G U Z j

U`lfkpur, Uujcrèk, Zlmz y Iyklikr,ebl gb qum sm eumltk ebl 38 imrekjbs jmmxpbrtke`l, euyk eklt`jkj supmrk `legu-s`vm k gbs imrekjbs qum j`spblm gk sbnk.

Kg e mrrm jm ?8;=, sm mxpbrtkrbl 5,; i`-

ggblms jm tblmgkjks jm ikz, ebrrmspblj`ml-tm k gk zkcrk ?8;=, qum rmprmsmltk ==% isqum mg prmemjmltm kb, jurkltm mg eukg smmlv`krbl ulks ;,04 i`ggblms jm tblmgkjks.

Ed`gm s`fum s`mljb mg pr`le`pkg jms-t`lb jmg ikz pkrkfukyb, ebl ul 56%jm pkrtè`pke`l, smfu`jb jm Orks`g, eblg % Z o g

Ikzpkrkfukyb ggmf k58 imrekjbs ml mg ?8;=Mg ikz pkrkfukyb sm eblsbg`j ml gbs imrekjbs `ltmrlk-e`blkgms ml mg mnmreè`b ?8;=. Mstm emrmkg ggmf k 58 imrek-jbs, `lebrpbr 4 lumvbs jmst`lbs jurkltm mg kb pkskjb y

gbs mlvbs cumrbl ==% is qum gk tmipbrkjk kltmr`br, qumpbsè`bl kg pks ebib sptìb mxpbrtkjbr iulj`kg.

Ebl rmgke`l kg rla`lf jm mxpbrtkjb-rms pbr jmst`lb lkg, sm tuvb ulk ìpbr-tkltm j`stròue`l jm gbs vbgimlms jm mx-pbrtke`l, jmstkeljbsm mg ermeì`mltb mlpkrtè`pke`l jm miprmsks gbekgms.

U` o`ml gks iugt`lke`blkgms Gbu`sJrmycus Ebiibj`t`ms (GJE)y KJIvbgv`mrbl k pbsè`blkrsm ml gbs prìmrbsgufkrms, rmskgtk gk prmsmle`k jm L`jmrk mlmg pbj`b.

Mg rla`lf ms mlekomzkjb pbr ImrebU.K. ebl mg ;3%, smfu`jb jm KJI, L`-j E gg g =% j


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MSMLZBU


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@lkufur be`kgimltm ulk sueurskgml Ukltk _bsk jmg Kfukrky

BU

EBZ_@XK_ UM MTXKLJM


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MSMLZBU


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`lstkgke`l jm ikybrms prbpbre`blms yimnbrkr tbjkvk is gk ktmle`l. Mstm

prbymetb smrk pkrk gbs prxìbs trms kbs.Mstm smr ul gufkr iuedb is kipg`b, eblul tkggmr is frkljm, ebl gk pbsò`g`jkj jmtmlmr ul ikybr stbea jm rmpumstbs, smkg.

Mg j`rmetbr ebimre`kg jm gk miprmskimle`bl qum dkem iuedbs kbs trk-oknkl ml mstk zblk jmg pks, jbljm dklfklkjb ulk frkl kemptke`l pbr pkrtmjm gbs prbjuetbrms kfrbpmeukr`bs. Eblgk kpmrturk jm gk sueurskg ml mstk eù-jkj, Ebtr`pkr mspmrk eblqu`stkr lumvbsg g c g g

Smckfb rmebrj qum Ebtr`pkr mst prm-smltm ml tbjb mg tmrr`tbr`b lke`blkg. Euml-tk ebl bedb vmljmjbrms jm ikqu`lkr`ksml gk _mf`l Br`mltkg jmg pks y ulk pmr-sblk qum sm mlekrfk jmg Edkeb. Lumstrk

prmsmle`k sm lbtk ml tbjb mg pks, ebleguy.

Mg eg`mltm ebib pr`le`pkg pk-trìbl`b.Ebl ?8 kbs ml mg imrekjblke`blkg Ebtr`pkr ms ulk miprmsk ebl-sbg`jkjk ml Xkrkfuky. Skgj`r Smckfb, j`-rmetbr prms`jmltm jm gk rik, smkg qumjmsjm mg pr`le`p`b ousekrbl ermemr y mstms`fum s`mljb mg eki`lb k smfu`r ketukg-

G g U _

qum mg ermeì`mltb jm gk miprmsk ml mstmt`mipb sm jmskrrbgg ebl iuedb eu`jk-jb y me`mle`k, tml`mljb kg eg`mltm ebibpr`le`pkg rmcmrmle`k. Lumstrb pr`le`pkg

pktrìbl`b sbl lumstrbs eg`mltms. Xbr msb`ls`stb ml mg eu`jkjb qum mggbs sm imrmeml.Ml mstbs ?8 kbs s`miprm trkoknkibs ebl

iuedb eu`jkjb, trktkljb jm prmsmrvkrlumstrbs eg`mltms, ebl mg bonmt`vb jm bcrmemr-gms ulk imnbr ktmle`l, ebl ul trkoknb jm

pbstvmltk ekgèkjb, smkg.

Zbjb gb qum mg prbjuetbr lm-ems`tk.K trkvs jm gk lumvk smjm, Eb-

j j g

Gmblkrjb Cmg`pm Sm`fk, fmrmltm jm gk sueurskgjm Ukltk _bsk jmg Kfukrky jm Ebtr`pkr.

J`rmet`vbs jm Ebtr`pkr ycule`blkr`bs jm gk lumvk sueurskg.


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MSMLZBU


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Bonmt`vbs jm Jmskrrbggb Ubstmlògmy mxpmr`mle`ks mx`tbsks

ebiokt`r gk jms`fukgjkj y gk `lnustè`k, yprbtmfmr kg pgklmtk.

Mg mvmltb or`lj `lcbrike`l sbormEib rmspbljml gbs Mstkjbs k mstbs jm-

skcbs y eib ebgkobrkl gks miprmsks eblgk kee`l iulj`kg2 y prmsmlt kjmisjbs eksbs mx`tbsbs jmg smetbr pr`vkjb, jmgks rmeblbe`jks miprmsks `ltmrlke`blkgmsUylfmltk y ]l`gmvmr.

Gk ebbrj`lkjbrk rms`jmltm jm gksLke`blms ]l`jks ml Xkrkfuky, Eme`g`k]fkz, prmsmlt gbs Bonmt`vbs Fgbokgmsy mg i`l`strb jm gk Umermtkr`k Zelèk jm

Xgklèke`l, Nbs Ibg`lks, ebipkrt`gbs gbfrbs kgeklzkjbs y gbs jmskcbs jmekrk kg ?858.Gks miprmsks i`miorbs jmgk _mj jmg Xketb Fgbokg Xkrkfuky ebi-pkrt`mrbl gks mxpmr`mle`ks sborm eib ms-tbs Bonmt`vbs jm Jmskrrbggb Ubstmlògm smkg`lmkl ebl sus mstrktfèks jm lmfbe`bs.

M g j g


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MSMLZBUNbs Ibg`lks, i`l`strb


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rms jm gk sbe`mjkj, miprmsks pr`vkjks ypogèks, rmprmsmltkltms jmg smetbr iug-t`gktmrkg, kekjmi`k, brfkl`zke`blms jm gksbe`mjkj e`v`g, ksbe`ke`blms y rmjms.

BJU.Eme`g`k ]fkz, gk ebbrj`lkjbrk rm-s`jmltm jm gks Lke`blms ]l`jks, tuvb k suekrfb gk prmsmltke`l jm gbs ;6 bonmt`vbstrkzkjbs k l`vmg fgbokg. Jmstke qum gkkfmljk ketukg ms is kioè`bsk ebl rmgk-e`l k gk kltmr`br, yk qum dkogk jm pborm-

d o g

ebl i`rks kg ?858 pkrk kgeklzkr gbs bo-nmt`vbs fgbokgms. Jurkltm su mxpbsè`lkri qum gk kfmljk fgbokg cum lke`b-lkg`zkjk ebib rmsugtkjb jm kipg`b prb-

emsb jm eblsugtk.Gk eblebrjkle`k jmg Xgkl Lke`blkg jm

Jmskrrbggb kprbokjb ml jè`miorm jm ?8;:,ebl gbs Bonmt`vbs jm Jmskrrbggb Ubstmlògmkprbokjb ml smpt`miorm jm ?8;= ml gksketukg`jkj ms jm ul :=%. Mstkibs ml ul

prbemsb jm knustms pkrk dkemrgb ebipktògm% O j 3 o

`legus`vb ebl gks iunmrms, gbs pumogbs`ljfmlks, ml ul pks ebl cumrtm prbtk-fbl`sib nuvml`g, qum mst eblmetkjb yko`mrtb kg iuljb. P qum tmlfk ul mstkjb

sbg`jkr`b, suos`j`kr`b, trkspkrmltm y qumprbiumvk gk `fukgjkj jm bpbrtul`jkjms.Ebimlt qum gks pbgtèks pogèks

sm brfkl`zkl ml trms mnms y t`mlml 6?bonmt`vbs qum sm pumjml mlebltrkr ml mgXgkl jm Jmskrrbggb Lke`blkg jm gk UXX.

Kfrmf qum k gfulks glmks jm kee`l jmmstbs 6? bonmt`vbs `lebrpbrkr ml ul 08%gbs BJU, `leguyml gk mrrkjèke`l jm gk

pbormzk mxtrmik, keemsb ul`vmrskg k gk sm-fur`jkj sbe`kg, ulk ul`vmrs`jkj qum mstmmltrm gks :88 imnbrms jmg iuljb y qumpmri`tk ektkg`zkr gbs eblbeì`mltb y gbsj`vmrsbs prbemsbs prbjuet`vbs y sbe`kgms,ulk `lcrkmstrueturk iugtìbjkg me`ml-tm, gk kemgmrke`l jmg ermeì`mltb mebl-ièb y omlme`kr kg :8% jm gbs is pb-orms jm gk pbogke`l, mltrm btrbs pultbs.

Mlckt`z qum mg pks t`mlm ulk dbnk jmrutk ikrekjk, mgkobrkjk pkrtè`pkt`vk-imltm, eblsmlsukjk y qum eb`le`jm eblgk kfmljk jm jmskrrbggb `ltmrlke`blkg.

jm gk smermtkr`k telèkjm pgkl`cèke`l.

Uylfmltk y suFbbjFrbwtd Xgkl


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MSMLZBUPkl Upmrklzk, j`rmetbr

n t` j g C j `


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Kri qum gk mstrktmf`k jm sustmltko`-g`jkj t`mlm ebib oksm trms p`gkrms, jbljm

dky jmskcbs k l`vmg fgbokg jm ekrk kg ?8?8.Mstbs sbl> Gk prbjuet`v`jkj, jbljm mgbonmt`vb ms qum pkrk mg ?8?8 gk ket`v`jkjkfrebgk s`fk s`mljb rmltkogm pkrk mg prb-juetbr, qum prbjuzek ekjk vmz is, eblul usb is me`mltm jm gbs rmeursbs. MlXkrkfuky sm ousek ggmfkr k ul ?8% is

j %

kjmis qum j`mrbl gbs prìmrbs pksbspkrk kyujkr k pmqumbs kfrèugtbrms pkrkkuimltkr su prbjuet`v`jkj ml ul =8%.Gk ebipkk kyuj k qum :.6 i`ggblms

jm pmrsblks mstl smfurks k trkvs jm prb-frkiks jm mltrmlki`mltb jm smfur`jkj.Mg prbfrkik jm lbriks gkobrkgms jm

gk ebipkk ketukgimltm kokrek k gks jm?4.888 prbvmmjbrms jm smi`ggks. Um ml-eumltrkl kjkptkljb gbs prbfrkiks pkrkeugt`vbs jm brms y jm prbvmmjbrms jmprbjuetbs quièbs. Mstbs cumrbl kgfu-lbs jm gbs prìmrbs pksbs jm mstm eki`lb

pkrk euipg`r ebl gbs kioè`bsbs bonmt`-vbs. Mg iktmr`kg kfrmfk qum ms lmemskr`btrkoknkr nultbs pkrk kuimltkr gk sbstml`-o`g`jkj jm gk kfrèugturk.

Xrbjuetbr sustmltkogm. Mg prb-juetbr kfrbpmeukr`b Ekrgbs Umrvkl, `l-tmfrkltm jmg pklmg, kri qum sm s`mltmbrfuggbsb jm cbrikr pkrtm jmg pgkl jm jm-

skrrbggb jm Uylfmltk. Jmstke qum ebibprbjuetbr p`mlsk ml mg cuturb jm susd`nbs y sus l`mtbs, pmrb tkio`l ml susvme`lbs y ml gk ebiul`jkj. Cu` ulb jmgbs prìmrbs prbjuetbrms ml `lfrmskr k mstm

pgkl, frke`ks k gbs `lfml`mrbs jm Uylfmltk,qum s`miprm im mstl ks`st`mljb pkrk qum

o g og

pgmimltkl gk eurvk jm l`vmg, t`mlml mrbs`lemrb, gks okrrmrks v`vks ebl robgms lkt`vbsb pgkltks, y gk eblsmrvke`l jm gbs ekusmsdjrèbs. _mkg`zkl ml ul ;88% gk s`miork

j`rmetk jm sumgbs y gk rbtke`l jm eugt`vbs,kjmis jm rmcbrmstke`l jm gufkrms lb kp-tbs pkrk gk kfrèugturk eblsbre kjk ebl fk-lkjmrk b ebl btrbs eugt`vbs ebib gk ymrokiktm. Jmstke qum gk ket`v`jkj kfrbpmeuk-r`k fmlmrk rmltko`g`jkj y cumltms jm trkoknb.

X t ` j g o` j` `

mnmeut`vb jm gk Culjke`lIb`ss Omrtbl`.

Emg`lk Aksmtk, fmrmltm jmXrbjuee`l Uustmltkogm mlGkt`lbkirèk Uur jm Uylfmltk.


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MSMLZBUDetbr Er`stkgjb


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eblsmrvkr mg ?=% jm su prbp`mjkj obseb-sk. Gk gmy bog`fk k eblsmrvkr mg ?=% jmgk prbp`mjkj obsebsk k gbs prbjuetbrmsqum t`mlml ulk prbp`mjkj jm ?8 dmetrmks

ml kjmgkltm. Ebl mg bonmt`vb jm fmlmrkrul `lemlt`vb meblièb rmkg pkrk qum mgpmqumb kfrèugtbr prbtmnk gbs obsqums,surf` gk `jmk ermkr ul Xrbfrkik jm Pmr-ok Iktm Oknb Ibltm. Ebimlt qum mstmprbjuetb t`mlm ul imrekjb iuy ìpbr-tkltm ml Mstkjbs ]l`jbs, jbljm dky ulkmiprmsk gjmr jmg imrekjb qum lmems`tkermemr ml gk prbv`s`l jm gk iktmr`k prìk.

Ks lke` mstk pbsò`g`jkj jm pgkltkrkg pmqumb prbjuetbr jm gk zblk mg eugt`vbjm ymrok iktm oknb ibltm,ebl emrtèke`l,

y ebl gk ebljè`l jm qum eu`jm su obsqum.Ebl gk eblsmrvke`l jm mstbs obsqums sm fm-lmrkl gbs eblmetbrms mltrm gbs rmiklmltmsobsebsbs y gk rmsmrvk jmg Iokrkeky. Cumkd qum ousekibs mg kpbyb jm Uylfmltk.Um suikrbl k ul prbfrkik qum fmlmrk eb-

lmetbrms y prbpè`k ul `lemlt`vb meblièbeblermtb pkrk mstks ebiul`jkjms. Mstb fm-lmrk ul ipketb sbe`kg ipbrtkltm y kyujkkg prbfrkik k eblsmrvkr mg rmk, mxpgè.

PklUpmrklzk kfrmf qum yk ebiml-zkrbl k imj`r btrbs `ljèkjbrms, ebibkv`stki`mltb jm kvms, e`mrtbs t`pbs jm

c j j

ki`fbs y ebgmfks, qum ebipkrtml `jmkgms yvkgbrms, y qum trkoknkl ml gk kji`l`strke`ljm miprmsks ml mg smetbr kfrbpmeukr`b. Ml gkrmul`l kobrjkrbl sborm gb qum sm mst dk-

e`mljb ketukgimltm, dke`k jljm kpultkr yeib msekgkr ebl gbs pgklms. Mg bonmt`vb msgbfrkr ul ermeì`mltb jm gks ket`v`jkjms qumjmskrrbggkl y ebgkobrkr ml mg jmskrrbggb i-o`tb jbljm sm jmsmlvumgvml gks ket`v`jkjms,y ml gk rmjuee`l jm gk pbormzk.

Cum ks qum ml mg ?8;: sm cbri ulj J

sè`blkrsm ml gk ket`v`jkj kfrbpmeukr`kfrke`ks kg mscumrzb y mg trkoknb jm i`gmsjm kfrèugtbrms, kebipkkjb jm eblb-eì`mltbs, `llbvke`blms tmelbgfèks, y

oumlks pretèks jm iklmnb. Jmstke qummx`stm ulk `lvmrs`l ìpbrtkltm y ketuk-g`zke`l pmriklmltm, kjmis jm ul ik-lmnb sbstmlògm jm gbs rmeursbs euyb p`gkrpr`le`pkg ms gk s`miork j`rmetk.

Ebl tbjb mstb y ebl mg ikybr ekp`tkgqum t`mlm lumstrb pks y mg prbjuetbr, qum msmg sumgb, sm crml gk jmfrkjke`l jmg sumgb yebimlz k imnbrkr gbs l`vmgms jm cmrt`g`jkj

ebl gk rbtke`l y iklmnb kjmeukjbs. Dbylb tmlmibs mrbs`l y gk mi`s`l jm fksms jmmcmetb `lvmrlkjmrb ms jm 8,8:% jm tbjb gbqum prbjuem mg iuljb. Zmlmibs qum vkgb-rkr mg mscumrzb jm gbs i`gms jm ebipktr`btksekjk kb mstl nufljbsm ml ekjk ebsmedksu cuturb y mg jm su cki`g`k, j`nb.

Kri qum dkstk mg ibimltb lb sms`mltm qum mg imrekjb prmi`m gks oumlks

pretèks. _mskgt gk ìpbrtkle`k jm su-ikr mscumrzbs y pkskr jm gk tmbrk k gkpretèk. U`l miokrfb kri qum s`l ulprmi`b mg prbjuetbr kpultk k gks oumlkspretèks pbrqum gm pmri`tm ulk sbstml`-o`g`jkj jm gbs rmeursbs. Mg prbjuetbr skomqum s` jmfrkjk sus rmeursbs lb vk k tmlmr gks

j j j g

Detbr Er`stkgjb,prms`jmltm jm gk ]FX.


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MSMLZBU


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Uylfmltk kri qum mstm pgkl ms culjk-imltkg pkrk gk ebipkk. Ebls`jmr qumml ul kb is gks miprmsks qum lb mstlml mg eki`lb jm gk sustmltko`g`jkj, lb

pbjrl mx`st`r. Dkogkibs jm ebrtbs pgk-zbs, jm e`leb kbs is, pbrqum gbs rmeursbssmrl ekjk vmz is mseksbs, j`nb.

Mxprms qum ms ìpbrtkltm qum gksebipkks tbiml eble`mle`k jm qum tb-jbs sbl pkrtm jm ul mltbrlb, jm ulk eb-iul`jkj y ulk sbe`mjkj, ebib tkgms dkyrmspblsko`g`jkjms y jmomrms qum euipg`r.

Ikl`cmst qum mg FbbjFrbwtd Xgkl

qum t`mlm ebib bonmt`vb gk sustmltko`g`-jkj mst rmgke`blkjb ebl mg lmfbe`b, pbr-qum Uylfmltk ms ulk miprmsk qum prbvmmtmelbgbfk y sbgue`blms kfrebgks ebipgm-tks. Mxprms kjmis qum ulb jm gbs p`-gkrms jmg usb y iklmnb me`mltm ms mg ku-imltb jm gk prbjuet`v`jkj. Gbfrkr mstbsbgbs ms ìpbsògm, lmemskr`kimltm tmlmibsqum mstkr eblmetkjbs ebl sbe`bs mstrktfèbs,

qum t`mlml qum mstkr trkoknkljb ebl btrksmiprmsks y mlt`jkjms pogèks, jm iklmrkqum sm pumjk ggmvkr kjmgkltm gbs trkoknbs yqum tbjbs tbiml eble`mle`k. Gk i`s`l qumdby tmlmibs gks miprmsks ms mipmzkr k eb-lmetkrlbs mltrm tbjbs, mxprms.

Kgjb _bjrfumz, fmrmltm fmlmrkg jm ]l`gmvmr.

] `g Xg

juem e`mltbs jm ikreks y vmljm ml isjm ;68 pksms. ]lks ?.888 i`ggblms jmvmems kg jk kgfu`ml ml kgfulk pkrtm jmgiuljb ut`g`zkl ulk ikrek jm ]l`gmvmr.Uu d`stbr`k jm ermeì`mltb sustmltkogmebimlz dkem is jm ;88 kbs ktrs.Gbs culjkjbrms jm gk ebipkk cumrbl

dbiorms jm lmfbe`bs ebl eble`mle`ksbe`kg qum mlebltrkrbl bpbrtul`jkjmsml gks lmems`jkjms sbe`kgms s`l rmsbgvmr.

Kor`mrbl gk prìmrk pgkltk pkrk gk ckor`-eke`l jm ikrfkr`lk ml gbs pksms oknbs,ulk kgtmrlkt`vk is keemsògm y skgujkogmqum gk ikltmek. Ml mg _m`lb ]l`jb `l-

co G g

tkj mg ìpketb jm gk mi`s`l jm fksmsjm mcmetb `lvmrlkjmrb ml mg eègb jm v`jkjm sus prbjuetbs. _mjue`r k gk i`tkj mgkfuk ksbe`kjk kg usb jm sus prbjuetbspbr pkrtm jm gbs eblsui`jbrms. _mjue`rk gk i`tkj gbs rms`jubs rmgke`blkjbs kgjmsmedb jm lumstrbs prbjuetbs. Xkrk mg

?8?8 mspmrkl qum mg ;88% jm gk iktmr`kkfrebgk jm ]l`gmvmr prbvmlfk jm cumltmssustmltkogms, `lebrpbrkr k is jm =88i`g pmqumbs kfrèugtbrms y j`stròu`-jbrms k pmqumk msekgk k su ekjmlk jmkokstmeì`mltb.

]l`gmvmr ipgmimlt mg Xgkl jm S`jkU og j j


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MSMLZBU


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i`xtbs, kgfulbs prbymetbs skg`mrbl iuyo`ml ml btrbs t`mlml rmsugtkjbs is gml-tbs. Jmstke qum jmnkrbl jm mlv`kr oksu-rk k gbs rmggmlbs skl`tkr`bs ml mg iuljb.

Kfrmf qum mg rmsugtkjb t`mlm qum vmrebl ekio`kr gk imltkg`jkj y rmeègkr,imj`kltm k gk kg`klzk ebl miprmljmjb-rms qum skoml eib j`spblmr jm iklmrksmfurk jm gbs rms`jubs qum sm fmlmrkl.Mstk mrk ulk imtk qum tmlkibs pkrk mg

?8;3 y yk kgeklzkibs. Ml Xkrkfuky tki-o`l, lumstrbs emltrbs jm j`stròue`l y b-e`lks jmnkrbl jm mlv`kr oksurk k rmggmlbs

skl`tkr`bs, j`nb.Ikl`cmst qum gk fmlmrke`l jm rms`-jubs okn ul ;?%, y mg eblsuib jm kfuk k?%. Mxprms qum gk fmlmrke`l jm fksms jmmcmetb `lvmrlkjmrb suo`, pbrqum gk mi`-s`l ms iuy frkljm y dky qum smfu`r kprml-j`mljb y trkoknkljb ml mstk j`rmee`l pkrkeblsmfu`r ggmfkr k gk imtk prbpumstk.

Ebl rmspmetb kg ebiprbi`sb jm ggm-

fkr k trkoknkr ebl iktmr`ks prìks ;88%jm brfmlms sustmltkogms pkrk mg ?8?8,`ljè qum ml gk ketukg`jkj mstl ml ul:=%. Ebimlt qum ekpke`tkl k pmqum-bs kfrèugtbrms ml mg iklmnb y eu`jkjbsjm gk t`mrrk. ]l pbremltknm ìpbrtkltmjm gk mlmrfk qum eblsuim gks `ljustr`ksj g og g

tkibs eblvmle`jbs jm qum gks miprmsks qumlb dkykl korkzkjb mg eblemptb jm sustml-tko`g`jkj vkl k pmrmemr. Umr sustmltkogms mslmfbe`b, mxprms.

Okleb jm Kgìmltbs Xkrk-fuky.Kgjb _bjrfumz sm rmr` kg trk-oknb qum gk ]l`gmvmr rmkg`zk ml Xkrkfukyebl v`stks kg ?858. Xrmsmlt kgfulbsmnmipgbs jm ebltròue`blms qum rmkg`zklml mg pks, qum t`mlml ul kgtb ìpketb.]lb jm mggbs mg ebiprbi`sb fgbokg jmsu prbjuetb Albr jm ggmvkr kgìmltbs k

;.888 i`ggblms jm l`bs ml mjkj msebgkr,ebgkobrkljb ebl ul kgìmltb skgujkogm.Mg prms`jmltm jmg Okleb jm Kgìmltbs

Xkrkfuky, Fmrlìb Imymr, ikl`cmstqum mstk mlt`jkj mst prmsmltm ml mg pksjmsjm dkem ;? kbs. Z`mlm gk i`s`l jmkg`v`kr mg dkiorm, j`si`lu`r mg jmspmrj`-e`b jm kgìmltbs y eu`jkr mg imj`b ki-o`mltm. Ikl`cmst qum Xkrkfuky prbjuem

kgìmltbs pkrk 38 i`ggblms jm pmrsblks,s`l miokrfb dky ; i`ggl =88 i`g ebi-pktr`btks pkskl dkiorm.

Mg Okleb jm Kgìmltbs Xkrkfukykt`mljm k ;=3 brfkl`zke`blms jm kyujk ymstìkl qum omlme`kl ulks ;6 i`g pmr-sblks. Gk be`lk mst uoèkjk ml emrekj g j g j g I j j

j`stròu`r gbs kgìmltbs k gks mlt`jkjms jmomlmemle`k. Zkio`l rmeòml mg kpbybgbfstèb jm gks miprmsks pkrk rmkg`zkr gkmltrmfk jm gks jblke`blms. Mg kb pkskjb

rmeòìbs gk jblke`l jm ]l`gmvmr jm ultbtkg jm 4.6;: a`gbfrkibs jm kgìmltbs qumcumrbl mltrmfkjbs k 08 `lst`tue`blms. Mstmkb yk sbormpkskibs gbs ;;.888 a`gbfrkibsjm kgìmltbs, qum ggmfkrbl k 0: `lst`tue`b-lms jm omlmemle`k, j`nb.

]lèmc.Btrk jm gks lè`kt`vks qum kpb-yk ]l`gmvmr ms gk jm ]lèmc Xkrkfuky,

ml mg rmk jm gk mjueke`l jm ekg`jkj.Gk rmprmsmltkltm jm ]lèmc ml mg pks,Eyltd`k Or`zumgk, ikl`cmst qum mg brfk-l`sib duikl`tkr`b trkoknk fkrklt`zkr yiktmr`kg`zkr gbs jmrmedbs jm l`bs, l`ksy kjbgmsemltms ml mg iuljb.

Ikl`cmst qum trkoknkrbl ebl ]l`-gmvmr, imj`kltm su ikrek BIB, ml gbssupmrimrekjbs ebl gk ekipkk Gk mju-

eke`l skgm k btm. Mxpgè qum gbs usukr`bsjm gbs prbjuetbs puj`mrbl ebltròu`r eblsu ebiprk rmspblskogm pkrk rmsektm y gkermke`l jm ul mspke`b j`flb y smfurb pkrkqum gbs l`bs kcmetkjbs pbr gk `luljke`l.

_mebrj qum sbgb ml Ksule`l ?= ms-eumgks qumjkrbl `luljkjks, jm gks eukgms3 c c


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MSMLZBU


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Gk = Mxpb Eurufukty

krrklek mg ; jm ikrzbEbl mg gmik Zrkoknkljb kpbrtkibs jmskrrbggb sm rmkg`z mggklzki`mltb be`kg jm = Mxpb Eurufukty. Gk i`sik ms brfk-l`zkjk pbr Gk Ksbe`ke`l jm Xrbjuetbrms Kfrbpmeukr`bs jm

Ekl`ljmy (Kpkjme) y Ebrjm`rb Lmfbe`bs Kfrbpmeukr`bs. Gkiumstrk krrklekr mg ; jm ikrzb m `r dkstk mg 3 jm ikrzbjm ?8;3 `lcbrikrbl gbs brfkl`zkjbrms jurkltm mg gklzki`mltbrmkg`zkjb ml mg Udmrktbl Ksule`l Dbtmg mg ;5 jm mlmrb pkskjb.

gtìk mjè`l jm gk iumstrk dkokl pkr-tè`pkjb ulbs ;88 mxpbs`tbrms y pkrk mstmkb sm mstìk qum ggmfkr ;?8 mxpbs`tbrmsjm o`mlms y smrvè`bs pkrk mg smetbr prb-

juet`vb. Kjmis smkg qum gk mxpbsè`lms ulk jm gks iumstrks is ìpbrtkltmsjmg lbrtm jmg pks, pbr mstkr uoèkjb ml ulj`str`tb mstrktfèb, jbljm sm eblemltrkulk frkl prbjuee`l kfrebgk y fklkjmrk.

@fukgimltm jmstke qum ml gk = mj`-e`l sm rmkg`zkrkl suokstks fklkjmrks, ms-pme`kgimltm jmsikikltms y rmprbjuetbrmsebl mg l jm gbfrkr ul imnbrki`mltb fml-

tèb jm gk prbjuee`l obv`lk jm gk rmf`l.Ksì`sib, Ebrjm rb j`nb qum k pmskr jmgk rmjuee`l jm gbs prme`bs ltmrlke`blkgms jmfrklbs gbs prbjuetbrms s`fuml kpbstkljb k gkkfrèugturk pmrb ml cule`l k gk fklkjmrk,jbljm gbs prbjuetbrms ketukgimltm eblv`mr-tml sus frklbs ml ekrlm jm j`vmrsks mspme`msy pkrk gk prbjuee`l getmk jkljb ul frklvkgbr kfrmfkjb k gk prbjuee`l kfrebgk. Ml

eukltb k gk eklt`jkj jm v`s`tkltms k gk iums-trk, ebimlt qum ml mg ?8;= supmr gks ;6i`g pmrsblks y pkrk mstk mjè`l mstìklulk pkrtè`pke`l jm ulks ?= i`g pmrsblks.

Ksì`sib Ebrjm`rb jmstke qum ous-ekl fmlmrkr ulk v`tr`lk ml gk rmf`l, ml gkeukg sm pumjk ibstrkr tbjb mg pbtmle`kgj g j


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OBT MIX_MUK_@KG


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GLMK ;?

Kutbr`jkjms jmg Fbo`mrlb nultb kj`rmet`vbs y cule`blkr`bs jm gk Glmk ;?


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rmqumrì`mltbs jmg Sèmi`l`stmr`b jmZrklspbrtm ebimlt mg @lf. _bgkljbûeebg`ggb, j`rmetbr jmg Frupb. Gbsilòus mstl mqu`pkjbs ebl Keblj`-e`blkjbrms K`rm, V` gòrm y ebltkjbr

jm pksknmrbs. Mg j`rmet`vb jm Zìob jmstkequm ekjk ilòus eumltk ebl eikrksjm smfur`jkj, ebl mg l jm `jmltèkreukgqu`mr dmedb jmltrb jm gks ul`-jkjms y mg pksknm tmljr ul ebstb jm5.:88 fukrklms.

G g o g

j`rmet`vbs y cule`blkr`bs jm gk Glmk ;?.

_mprmsmltkltms jmg FrupbZìob, MU U.K. y jmg

Sèmi`l`stmr`b jm Zrklspbrtm.

OBT MIX_MUK_@KG


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MSMLZBU


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Jmstkekjks edkrgks sm suikrbl kg

3 Umi`lkr`b Jmg frklb kg pklJmstkekjks edkrgks sm suikrbl kg

3 Umi`lkr`b Jmg frklb kg pklJmstkekjks edkrgkssm suikrbl kg3 Umi`lkr`b Jmg frklb kg pkl


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g g g j g g oXkogb Ubtmgb.

MSMLZBU


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gbs gbfrbs kgeklzkjbs, pr`le`pkgimltmfrke`ks kg prbymetb cbrtkgmeì`mltb y j`-cus`l jmg tr`fb ml Xkrkfuky.

Ml eukltb k gks edkrgks jm lumvks`lvmst`fke`blms mxpumstks pbr ebllke`b-lkgms duob mspme`kg d`lekp` ml gb rmcm-rmltm kg rmtb jm bcrmemr iktmr`kgms ebl ulouml trkoknb ml skl`jkj, pr`le`pkgiml-tm pkrk gbfrkr rms`stmle`k b tbgmrkle`ks kprbogmiks ebib p`rèugkr`k y cuskr`bs`sml tr`fb. Zrkoknbs ml eblnultb cumrblkobrjkjbs pbr Kgèm Edvmz, jm Ekpm-eb, b Kljrmk Krrk, jm gk ]l`vmrs`jkjLke`blkg jm Ksule`l, pkrk mxpblmr gbskvklems jm ekrk k ousekr sbgue`blms pkrkebiokt`r mstks mlcmrimjkjms qum kjmisjm su ìpketb ml prbjuet`v`jkj krrbnkpmrnuè`bs meblièbs.

]l ìpbrtkltm kpbrtm kjmis cum mgmxpumstb pbr Mlr`qum Gkipmrt, miprmsk-r`b y prbcms`blkg pkrkfukyb, qu`ml jmsk-rrbgg mg tmik jm telèk jm kpgèke`l pkrk

ebltrbg jm mlcmrimjkjms culfbsks ml tr`fb.Ml tkltb, prbcms`blkgms mxtrklnmrbskobrjkrbl btrks kr`stks jm gks `lvmst`fk-e`blms jmg emrmkg, pr`le`pkgimltm jm ms-tuj`bs rmkg`zkjbs ml mg Emltrb @ltmrlk-e`blkg jm Imnbrki`mltb jm Ikz y Zr`fb(E@IIPZ) y btrbs jm gk rmf`l, tkgms

o g g

Kvklems ml gk lvmst fke`lsborm Xyrèugkr`k

B

trk prbcms`blkg ebipktr`btk qumj`smrt ml mg smxtb smi`lkr`b

Jmgfrklb kg pkl, cum Kgèm Edvmz, qu`mlebipkrt` ul trkoknb ebipkrt`jb eblE`ltd`k Ekzkg y Ibdkl Abdg` pkrk gkEkpmeb. _mebrj qum mg orusblm ekuskjbpbr Ikflkpbrtdm fr`smk (Z.Z. Dmomrt)I.M. Okrr (klkibrcb Xyrèugkr`k fr`smkUkee.) ms ulk mlcmrimjkj jm suik ì-pbrtkle`k meblièk, qum beks`blk ulk

rmjuee`l s`flèkt`vk jmg rmljì`mltb yekg`jkj jmg frklb.Ml gbs kbs ?8;: y ?8;= kcmet kprbx`-

ikjkimltm ;88.888 dmetrmks, gks prj`-jks mstìkjks sbl jm mltrm mg ?=-58% mlfmlmrkg, ggmfkljb dkstk mg 08% ml ekipbsjm s`miork tmiprklk (Ekpmeb, ?8;=).

G j o g c

ml mg ?8;8 sm eugt`vkrbl is jm ?;6 i`-ggblms jm dmetrmks ml mg iuljb, s`mljbmg tmremr emrmkg is eugt`vkjb jmtrs jmgikz y mg krrbz.

Ebimlt qum rme`mltmimltm, sm dklgbfrkjb igt`pgms kvklems k l`vmg e`mlt-eb qum pbjrkl ekio`kr gk pmrempe`ly gk iklmrk jm eib sm botmljrl gkslumvks vkr`mjkjms jm tr`fb. Gks lumvkstmelbgbfks jm smeumle`ke`l dkl pmri`-t`jb mg jmskrrbggb jm lumvbs ikrekjbrms

g g g j gg

eke`l fmltèk ml mg fmlbik y botmlmrul cmlbt`pb jmsmkjb, s`l gk lmems`jkjjm `ltmfrkr lumvbs fmlms ml su fmlbik.Jurkltm gk prmsmltke`l, `fukgimltm ms-obz mg ìpketb jm mstks lumvks tmelb-gbfks j`spblògms ml mg eugt`vb jmg tr`fb,sus eblsmeumle`ks y bpbrtul`jkjms.


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MSMLZBU

d` _ d gKljrmk Krrk.


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med`lktus, _yledmgyltrui rbsmui yUtmlbtdkpdrui smeuljktui (Edvmz yAbdg`, ?8;:). Ketukgimltm sm eumltk eblulk ebgmee`l jm ;;? k`sgkjbs jmg dblfb,ebl gbs eukgms sm ggmvkl k ekob mstuj`bsjm vkr`ko`g`jkj fmltèk jm Ikflkpbrtdmsp. ut`g`zkljb ikrekjbrms ibgmeugkrms(Ièrbsktmgg`tms).

Zbjbs gbs pkrimtrbs jm j`vmrs`jkjmvkgukjbs smfl gk egksèke`l jm gbsk`sgkjbs pbr gbekg`jkjms prmsmltkrbl ik-ybr vkr`ko`g`jkj mltrm gbs k`sgkjbs prbvm-l`mltms jm Ekl`ljmy m @tkpk. Ml eukl-tb kg dbspmjmrb jmg eukg cum k`sgkjb, smmv`jmle`kl jbs frupbs o`ml j`stkle`kjbs.]lb jm mggbs pmrtmlmem k gbs ks`gkjbs jmJ. dbr`zbltkg`s y mg btrb frupb mst jkjbpbr k`sgkjbs jm Zr`fb.

Ml eukltb k gk osqumjk jm cumltmsjm rms`stmle`k, gk ikybrk jm gbs mlskybsrmkg`zkjbs sm dkl dmedb ml mg mstkjb jmpgltugk (Krrujk mt kg. ?88=1 Imtdk mt

kg. ?88:), ibstrkljb ul kipg`b rklfbjm iktmr`kgms rms`stmltms, s`l miokrfb,mstb lb sm vm rmmnkjb ml mg ekipb, pumsiktmr`kgms rms`stmltms ml jèdbs mlskybssm iumstrkl susemptògms.

Gks `lbeugke`blms rmkg`zkjks k ekipbebl gbs iktmr`kgms jmg Mlskyb _mf`blkgj g X L g j Z

Kljrmk Krrk, prbcms`blkg pkrkfuk-yk, cum btrk jm gks j`smrtkltms mg sm-fuljb jk. Bcrme` ul mstuj`b sborm gk`lvmst`fke`l jm cuskr`bs`s jm gk msp`fk.Gk j`smrtkltm mstuvb ml rmprmsmltke`l jmEmi`t/Ckeml/]LK.

@ljè qum gk Cuskr`bs`s jm gk Msp`fk(CDO) ms ulk mlcmrimjkj kgtkimltm jms-truet`vk pkrk gk qum lb sm j`spblml jm rm-s`stmle`k fmltèk kjmeukjk y euyb ebltrbgquièb ms ebipgmnb. Gk mlcmrimjkj msekuskjk pbr dblfbs jmg Ebipgmnb Cusk-rùi frki`lmkrui qum `lcmetk k gks pgkl-tks ml mg ibimltb jm gk brke`l (kltms`s).

Gk CDO lb sbgb kcmetk mg rmljì`ml-tb jmg eugt`vb, s`lb tkio`l prbjuem im-

tkobg`tbs txèbs (ièbtbx`lks), s`mljbgk pr`le`pkg mg Jmbx`l`vkgmlbg (JBL),qum `lermimltk gk v`rugmle`k y rmjuem gkekg`jkj jmg frklb. Mg eblsuib jm JBLml kgìmltbs ebl eblemltrke`blms supm-r`brms k gks pmri`t`jks pumjm trkmr pmrnu`-e`bs k gk skguj duiklk y klìkg pbr gbsc

jmltrb jm gk pgkltk gks prbtmksks prbju-e`jks pbr Cuskrùi y gks ièbtbx`lks smmstkogmeml ulk ebbpmrke`l mstrktfèk y

numfkl rbgms ebipgmimltkr`bs ml gk su-

prms`l jm gk rmspumstk jm jmcmlsk y gk eb-gbl`zke`l `ltrkemgugkr jm gks msp`fu`ggks.Mstuj`bs prmv`bs dkl jmibstrkjb

qum pgkltks ebl mg kgmgb Cdo; pbsmml gkdko`g`jkj jm eblnufkr JBL ebl fgu-ebsk, cbrikljb JBL-5-B fguebs`jb,J5F, ebl imlbr tbxè`jkj, gb qum gb

g j

Xrmsmltm y cuturb jmgk `lvmst`fke`l jmCuskr`bs`s jm gk Msp`fk


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MSMLZBU

Is rme`mltmimltm pgkltks jm tr`fb ml tri`lbs jm rkj`ke`l y tmipmrkturk> y gk prbjuee`l jm o`biksk ebl eblsm


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Is rme`mltmimltm pgkltks jm tr`fbtrklscbrikjks qum mxprmskl ]FX, mxd`-oml ikybr rms`stmle`k t`pb @@ k gk CDO.Ml ebljè`blms jm ekipb, gk frkvmjkj jmCDO dk s`jb vkr`kogm, s`l miokrfb, mvml-tbs trklsflèbs dkl ibstrkjb cmlbt`pbsebl l`vmgms s`flèkt`vkimltm imlbssusemptògms k CDO ml ebipkrke`l eblgbs ebltrbgms lb trklscbrikjbs.

G bs `lermimltbs jm gk tmipmrktu-rk lbeturlk y gbs fbgpms jm ekgbr>eib kcmetkl mg rmljì`mltb y gk ek-g`jkj ml gbs emrmkgms `lvmrlkgms2 cum mgtmik jmskrrbggkjb pbr Jkl`mg I`rkggms,jm gk ]l`vmrs`jkj jm Oumlbs K`rms y qumsm oks sborm ul mstuj`b rmkg`zkjb mlcbrik eblnultk ml gk Etmjrk jm Emrmk-gèugturk, Jmpkrtkimltb jm Xrbjuee`lSmfmtkg, Ckeugtkj jm Kfrblbik, ]l`-vmrs`jkj jm Oumlbs K`rms y mg Eblèmt.

Mg jmskcb eblt`lub qum rmprmsmltk mgegìk pkrk gk prbjuee`l kfrebgk y, pbr

j g j j g j g

@ipketbs pbr suok jmtmipmrkturk lbeturlk y

gbs fbgpms jm ekgbr

ml tri`lbs jm rkj`ke`l y tmipmrkturk>ulk cmedk jm s`miork tkrjk ml ?8;; (3jm Kfbstb, :88 pgkltks i-?) y ulk cmedkjm s`miork tmiprklk ml ?8;5 (3 jm Nu-l`b, 588 pgkltks i-?) ml Oumlbs K`rms(5:5=U, =4?0V, ?3 isli).

Ml tbjbs gbs eksbs, gbs eugt`vbs cumrblebljue`jbs s`l gì`tke`blms djrèb (r`m-fb ebipgmimltkr`b k gks prme`p`tke`blmsbeurr`jks), lutrè`blkgms (cmrt`g`zke`lknustkjk jm keumrjb k klg`s`s jm sumgb),l` o`tèks (ebltrbg quièb jm ikgmzks,pgkfks y mlcmrimjkjms). Gbs @ZL (ek.:E) cumrbl botml`jbs pbr imj`b jm ekr-pks jm ekgmltki`mltb imj`kltm ul s`s-tmik kutbitèb jm ekgmltki`mltb eblsmlsbrms `ltmrlbs y mxtmrlbs pkrk ikltm-lmr `lermimltbs jm ek. : E rmspmetb jmgk tmipmrkturk kio`mltm lbeturlk.

Gks mstrueturks cumrbl ebgbekjkssborm mg eklbpmb mltrm gks ;0 y 6d ekjkjk jm trktki`mltb. Xrbjuetb jm gk ebi-o`lke`l jm kio`mltms, gk tmipmrkturkilìk lbeturlk prbimj`b jurkltm mgpmrbjb ertèb vkr` mltrm ek. ;; y ;6E,i`mltrks qum jurkltm mg ggmlkjb jm frk-lbs mg rklfb mxpgbrkjb cum mltrm ek. ;:y ??E. Cbekg`zljblbs ml mg pmrbjbertèb, tr`fb y emokjk ibstrkrbl ulk rm-j g j g j c

y gk prbjuee`l jm o`biksk, ebl eblsm-eumle`ks lmfkt`vks sborm gk jmtmri`lk-e`l jmg limrb jm frklbs y, pbr mljm,mg rmljì`mltb. Ml gb qum rmspmetk kg ggm-lkjb jm frklbs, mg pmsb jm frklb tkltbjm tr`fb ebib jm emokjk cum rmjue`jb mlcbrik sì`gkr pbr mg @ZL (ek. 5% E-;),ekuskljb ulk ekjk jmg rmljì`mltb jmek. :% E-;. Lumvkimltm, mg ipketb jmgk tmipmrkturk lbeturlk sborm gk tksk jmjmskrrbggb jmg eugt`vb rmsugt smr mg prb-emsb is rmgmvkltm. Lbedms is eg`jkskebrtkrbl mg ggmlkjb mcmet`vb jm frklbs,rmjue`mljb mg pmsb gbfrkjb, k pmskr jmqum gk j`spblò`g`jkj jm ksì`gkjbs (im-j`jk ebib smlmsemle`k y ekrobd`jrktbssbguogms ml tkggb) lb cum s`flèkt`vk-imltm kcmetkjk.

Ml eukltb k gbs mcmetbs sborm gk ekg`-jkj ml tr`fb, mg @ZL `lermimlt mg ebl-tml`jb jm prbtmlk ml frklbs jmo`jb kul imlbr mcmetb jm j`gue`l jmo`jb k gksekjks ml mg rmljì`mltb. Gbs kuimltbsml prbtmlk prbibv`mrbl ikybrms vkgb-rms jm cumrzk jm iksk (V), rmjuee`blmsml gk tmlke`jkj (X) y kuimltbs ml gk mgks-tè`jkj jm gk iksk (G), kuimltkljb gkrmgke`l X/G.

Gbs mxpmrìmltbs ebrrmspblj`mltms kFE o ( ) g j g


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MSMLZBU

;38 Ed ml gk cmedk jm s`miork tmiprk- jb eg`jks y dimjks, b o`ml jmiks`kjbMjukrjb I. U`mrrk.


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;38 Ed ml gk cmedk jm s`miork tmiprklk y tkrjk, rmspmet`vkimltm. Mg limrbjm frklbs pbr i?, pr`le`pkg ebipblml-tm jmg rmljì`mltb, cum rmjue`jb ebibeblsmeumle`k jm gbs mvmltbs jm FE.

K pmskr jm qum sm bosmrvkrbl kgfulksrmspumstks lb kj`t`vks, k imj`jk qum gkjurke`l jmg FE cum is gkrfk, gk rmjue-e`l jmg limrb jm frklbs cum ikybr.Emokjk tmlj` k smr is susemptògm qumtr`fb crmltm k gbs FE, kulqum lb sm rm-f`strkrbl j`cmrmle`ks s`flèkt`vks mltrmeugt`vbs y cmedks jm s`miork.

Ml prbimj`b, emrmkgms jm `lv`mrlb`rr`fkjbs ibstrkrbl prj`jks jm frklbsjm ek. ;.3% pbr jk jm FE jurkltm mgpmrbjb ertèb. Ml eukltb k gk ekg`jkj`ljustr`kg ml tr`fb, ebl mxempe`l jmgtrktki`mltb is prbgblfkjb (3j) qumrmjunb gbs vkgbrms jm V y G, gbs FE lbkcmetkrbl pkrimtrbs jm gk ekg`jkj `l-justr`kg. Gk `lcbrike`l fmlmrkjk pb-jrk smr ut`g`zkjk ebib pultb lè`kg pkrkj`smkr mstrktmf`ks jm iklmnb y/b imnbrktmlj`mltms k imnbrkr gk kjkptke`l jm gbseugt`vbs jm tr`fb y emokjk crmltm kg eki-o`b egìtèb.

Msemlkr`bs jm ekio`b

jml` gk kpt`tuj kfrbegìtèk jmg tmrr`-tbr`b pkrkfukyb ml mg msemlkr`b ketukg yml gbs msemlkr`bs cuturbs.

Um tbikrbl ml ebls`jmrke`l gbspr`le`pkgms prbemsbs jm ekio`b jmg s`s-tmik egìtèb, tkltb ml gb qum dkem ksu mstkjb imj`b ebib k su vkr`ko`g`jkj.Ebib prbemsbs jm ekio`b ml mg mstkjbimj`b, jm br`fml lkturkg, sm ebls`jmrk-rbl gbs eègbs jmtmri`lkjbs pbr gks vkr`k-e`blms ml gk ket`v`jkj sbgkr, gk Bse`gke`lK (KKB) g B g I g j

jb eg`jks y dimjks, b o`ml jmiks`kjbcrks y smeks, ikrekljb mg rmtbrlb jm dm-gkjks jm lms jm `lv`mrlb ebl frkvms jk-bs prbjuet`vbs, ml gk tmipbrkjk ?8;5,i`mltrks qum gk mstko`g`zke`l jmg ekgmltk-i`mltb fgbokg ml ul vkgbr jm kgrmjmjbr jm+8,:= E ebltròuy k gk ckgtk jm crb `l-vmrlkg ml vkr`bs jm gbs kbs ebls`jmrkjbs.

Xbr su pkrtm, gbs ljèms ebrrmspblj`ml-tms kg MLUB, ibstrkrbl mcmetbs ibjmrkjbsk mseksbs sborm mg ebipbrtki`mltb jmg tr`fbml mg Xkrkfuky, gb eukg rmsugtk gfèb tml`ml-jb ml eumltk qum mg pmrbjb jm kee`l jmjèdb cmlimlb vk jm Lbv`miorm k Ikrzb,lb supmrpbl`ljbsm ebl mg eègb jm gk mspm-e`m. Ml gb qum dkem k gk prbymee`l dke`k mgcuturb jm gbs ljèms ebls`jmrkjbs sm ebl-s`jmrkrbl trms msemlkr`bs jm ekgmltki`mltbfgbokg> Msemlkr`b ?858 (@lè`kg)> Gmvm j`s-i`lue`l jm gk j`spblò`g`jkj jm crb lvmr-lkg, ikltml`ljbsm mg r`msfb jm dmgkjks ygmvm lmfkt`v`zke`l jmg okgklem djrèb.

Msemlkr`b ?8=8 (Imj`b)> Ibjmrkjkrmjuee`l jm gk j`spblò`g`jkj jm crb`lvmrlkg, ebl jmskpkrè`l jmg r`msfbjm dmgkjks y gmvm k ibjmrkjk lmfkt`v`-zke`l jmg okgklem djrèb. Msemlkr`b?;88 (Xgmlb)> U`l crb `lvmrlkg y ibjm-rkjk lmfkt`v`zke`l jmg okgklem djrèb.E g g j


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MSMLZBU

msb, sm dk mst`ikjb qum ulbs ;8 i`ggblms smqu`k ms gk imnbr imtbjbgbfk jm imnbrk- Mg iklmnb rke`blkg jm gk


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qjm dmetrmks jm tr`fb sucrml kgtbs l`vmgmsjm mstrs pbr ekgbr ekjk kb. Xbr ekjk frk-jb emltfrkjb jm kuimltb ml gk tmipmrk-turk lbeturlk jurkltm gk mtkpk jmg eugt`vb,

sm dk mstìkjb qum rmjuem mg rmljì`mltbjm frklb mltrm mg 3% y mg ;8%.

Mg E@IIPZ dk suoj`v`j`jb gksrmks bonmt`vb jbljm mx`stm mstrs pbrekgbr ml jbs frupbs> ;) mstrs pbr ekgbrjmspus jm gk kltms`s qum eblggmvk k ulpmr`bjb ebrtb jm ggmlkjb jm frklb y qumrmqu`mrm jm vkr`mjkjms jm tr`fb ebl ik-jurke`l tmiprklk, y ?) mstrs pbr ekgbreblt`lub ebl kgtks tmipmrkturks lbetur-lks y jùrlks qum rmqu`mrml jm vkr`mjk-jms qum vkl jm `ltmrimj`ks k tkrjks.

Gk prmsmle`k jm kgtk duimjkj rmgkt`vk ksu vmz pmri`tm j`v`j`r gbs jbs kio`mltms jmekgbr ml tri`lbs jm gk `le`jmle`k jm mlcmr-imjkjms ebib gk ikledk ikrrl, cuskr`b-s`s jm gk msp`fk (CDO) y mg orusblm kjmisjm gks rbyks. Mg prbfrkik jm imnbrki`mltbjmg E@IIPZ sm mlcbek ml ebio`lkr kgtbpbtmle`kg jm rmljì`mltb ebl tbgmrkle`kk gk smquk y kg ekgbr, rms`stmle`k jurkogm krbyks y btrks mlcmrimjkjms, lutrè`l y gkekg`jkj ljustr`kg jmg tr`fb ebl mg l jm l-ermimltkr gk prbjuet`v`jkj y mg omlme`bj g o

q n f ni`mltb. Gk tbgmrkle`k k ekgbr ms ul ekre-tmr fmltèb jmtmri`lkjb pbg`flèkiml-tm1 pbr tkltb botmlmr fklkle`ks fmltèksjm ul skgtb mspmetkeugkr lb ms rmkg`stk.

Ekrketmrms s`bgfèbs, jmprms`l jmtmipmrkturk jmg jbsmg (EZJ) m ljèmjm vmfmtke`l jm j`cmrmle`k lbrikg`zkjk(LJS@) pumjml smr uskjbs ebl rmgkt`vkcke`g`jkj ml cmlbt`pmkr iktmr`kgms imnbrk-jbs y ml jmsekrtkr glmks ebl ul kgtb EZJy oknb LJS@. Mstbs ekrketmrms pmri`tmlsmgmee`blkr kqumggbs ebl tmipmrkturk iscrk y gk keuiugke`l b rmtmle`l jm o`b-iksk rmspmet`vkimltm. ]l cmlbt`pmb jmkgtb rmljì`mltb k frkl msekgk jm mstbsekrketmrms sm ìpgmimlt rme`mltmimltm ktrkvs jm gk prbymee`l jm ìfmlms rmks.

Mstbs jktbs ebio`lkjbs ebl kgtkjmls`jkj jm jktbs ibgmeugkrms fmlbt-pèbs prbimtml imnbrkr gks tksks jm fk-lkle`ks fmltèks smgmee`blkljb glmksokskjks ml mg rmljì`mltb prblbstèkjby prmjmtmri`lkjb mspme`kgimltm.

]lk vkr`mjkj mx`tbsk ms gk suik jmvkr`bs ktròutbs kfrblièbs. Gk mstrk-tmf`k qum prbgblfum gk mcmet`v`jkj jm gkrms`stmle`k ms ipbrtkltm pkrk kipg`kr gksfklkle`ks ml prbjuet`v`jkj y prbtmfmr mg

o Mg j j g E@I

U`gv`k Xmrmyrk mstuvb mg smfuljb jk

bcrme`mljb mstm trkoknb ml eblnultbrmkg`zkjb pbr mg @lst`tutb Lke`blkg jm@lvmst`fke`l Kfrbpmeukr`k (@L@K), GkMstklzumgk, y gk Ckeugtkj jm [uièk,jm gk ]l`vmrs`jkj jm gk _mpogèk, kioksmlt`jkjms urufukyks.

Gk cuskr`bs`s jm gk msp`fk (CM) ms ulkjm gks mlcmrimjkjms is jmvkstkjbrksjm tr`fb ml mg iuljb. Ml ]rufuky rm-prmsmltk ulk jm gks pr`le`pkgms gì`tkltmspkrk gk prbjuee`l jm mstm eugt`vb, eblmp`jmi`ks rmf`strkjks ekjk euktrb kbsml gks gtìks jbs jekjks. K l`vmg iul-j`kg lb mx`stm ulk lèk imj`jk ekpkz jmsmr tbtkgimltm mcmet`vk pkrk su ebltrbg.

Ml gbs gtìbs ;= kbs, gbs prbjuetb-rms dkl tml`jb prj`jks meblièks ì-pbrtkltms pbr gk CM, ks ebib gk `ljus-tr`k trktkljb jm euipg`r ebl mg jmermtb=55/88; sborm mg ebltml`jb jm jmbx`l`-vkgmlbg (JBL) ml dkr`lk y suoprbjue-tbs jm tr`fb, y gbs mxpbrtkjbrms trktkljbjm ktmljmr k gks rmstrèe`blms erme`mltmsml gbs l`vmgms jm JBL ml frklb ìpums-

g j

Mg iklmnb rke`blkg jm gkCuskr`bs`s jm Msp`fk y JBL

ZMLMIBU ZBJB GB []M


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L]MSKU SK_@MJKJMU L@JM_K XK_K EKJK KIO@MLZM X_BJ]EZ@SB

Frupb jm Ikjurmz

Jks k _;

Jks k _4

Ebgbr jm Xuomsemle`k

Ebgbr jm Cgbr

DKP []M ZMLM_

LU 6?80 @X_B

S@@ Ebrtb

=5

;55

Fr`s

Ogklek

LU =:;0 @X_B

S Ebrtb

:4

;?5

Fr`s

Xrpurk

LU 3080 @X_B

S gkrfb

=8

;?=

Fr`s

Xrpurk

LU 3:45 __;

S@ gkrfb

:8

;58

Fr`s

Xurpurk

LU =0=0 @X_B

S Gkrfb

=8

;?:

Fr`s

Xrpurk

LU 3?:4 __;

S@ ebrtb

54

;?6

Fr`s

Xurpurk

Mstbs culf`e`jks rmjunmrbl s`fl`-

MSMLZBU

Xkrkfuky lb dk pbj`jb gbfrkr supm-Ubl`k Zbikssblm.


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ekt`vkimltm mg ljèm jm CM (@CM), pbr-emltknm jm frklbs ebl Cuskrùi k eb-smedk (XFC) y mg ebltml`jb jm JBL m`lermimltkrbl mg rmljì`mltb jm frklb

y pmsb dmetbgtrèb. K pmskr jm qum vkr`ksimzegks jm tr`kzbgms + mstrbo`gur`lks ytr`kzbgms + ekrobxki`jks + mstrbo`gu-r`lks rmjunmrbl @CM y XFC, mg l`vmg jmJBL cum kgtb. Gk meke`k jm gbs culf`-e`jks ml rmjue`r gk CM y JBL m `lerm-imltkr mg rmljì`mltb jm frklb cum ik-ybr ml gbs eugt`vkrms @L@K-Flms`s ?56=m @L@K-Flms`s 3.46, ibjmrkjkimltm

rms`stmltms k CM, ebipkrkjbs ebl mg eug-t`vkr susemptògm @L@K Jbl Kgomrtb. Gbsrmsugtkjbs jm mstm trkoknb suf`mrml qum mspbsògm iklmnkr k gk CM y mg ebltml`jbjm JBL ml l`vmgms kemptkogms imj`kltmgk ebio`lke`l jm rms`stmle`k fmltèkjmg eugt`vkr, kpgèke`l jm gbs tr`kzbgmsrmebimljkjbs ml `lè`b jm brke`l eblpèbs Zw`lNmt38, ebl gk ks`stmle`k jm s`s-tmiks jm prmjèe`l ebib JBLekst.

Kspmetbs jmg imrekjb`ltmrlke`blkg jmg tr`fbpkrk Xkrkfuky

gms sbl sì`gkrms k gbs bosmrvkjbs ml mg?880-?8;8. Lb bostkltm sm v`suk g`zk ulgmvm rmpultm pkrk gk ebt`zke`l jm mltrm-fk jè`miorm, rmr`.

Klkg`zkljb gk s`tuke`l ketukg jmgbs eugt`vbs jm tr`fb ml gbs pr`le`pkgmspksms ebipmt`jbrms jm Xkrkfuky, ebibsmr Mstkjbs ]l`jbs, Krfmlt`lk, Orks`g y]rufuky, gks smkgms bosmrvkjks pbjrkltrkjue`rsm ml ul msemlkr`b jm pbtmle`k-gms imnbrks jm prme`bs, mspme`kgimltm mlg j o g

rkr gks ;.=88.888 tblmgkjks jm prbjue-e`l, trkjue`ljbsm ml qum mg pks lbpumjk pbsè`blkrsm ebib ul prbvmmjbrmstkogm jm tr`fb, pbr gk vkr`ko`g`jkj ml gbs

vbgimlms mxpbrtkjbs klukgimltm, qumsm trkjuem prmsmle`ks vbgt`gms jmg tr`fbpkrkfukyb ml imrekjbs `ltmrlke`blkgms.Ml ul kb mstkibs y kg s`fu`mltm, jmskpk-rmemibs, j`nb.

Ms pbr mggb, pultukg`z, qum Ekpmebrmkg`z ul trkoknb iuy ìpbrtkltm jmosqumjk y kpmrturk jm lumvbs imrek-jbs jm mxpbrtke`l ks ebib sm dkl lm-

fbe`kjb prmcmrmle`ks krklemgkr`ks pkrk mgtr`fb ml imrekjbs mspmeebs. Ebib rm-sugtkjb, k gk cmedk, Xkrkfuky eumltk ebl5? imrekjbs dko`g`tkjbs pkrk mxpbrtk-e`l, s`mljb trms jm mggbs lumvbs jmst`lbsfklkjbs ml gk prmsmltm zkcrk> Obg`v`k,S`mtlki y Bil.

Mx`stml kspmetbs egkvms qum jmomibskpultkr pkrk pbjmr smfu`r erme`mljb mlmg ruorb ebib smr mg ikltmlmr gk ekg`jkjjmg prbjuetb ebl ulk `jmlt`jkj prmsmrvk-jk, ebltkr ebl ulk bcmrtk ilìk ebls-tkltm, `ltmrprmtkr gks lmems`jkjms jm gks`ljustr`ks ibg`lmrks pkrk skt`sckemr su jm-ikljk, smfu`r `lv`rt`mljb ml tmelbgbfk y

j g g g d


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Mlr`qum Gkipmrt qu`ml jmskrrbgg gkd g M g

MSMLZBU

Nkv`mr Xmk.


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edkrgk. Mxpusb qum pkrk mg eksb mspme-eb jmg ebltrbg jm mlcmrimjkjms, prbp-s`tb jm ulk kpgèke`l jm ul jmcmls`vb smrmqu`mrm mv`tkr qum gks i`siks ekusml ul

jkb meblièb.Xkrk gbfrkr mstm ebimt`jb jmoml smr

tml`jbs ml eumltks vkr`bs kspmetbs> ;)ut`g`zkr ul prbjuetb qum tmlfk mcmetbsborm gks mlcmrimjkjms prmsmltms b pb-tmle`kgms, ?) ibimltb jm kpgèke`l y5) telèk jm kpgèke`l. Gk telèk jmkpgèke`l ms kjmeukjk eukljb gk jbs`sebrrmetk jmg jmcmls`vb kgeklzk mg bonmt`vb

k smr ebltrbgkjb, ebl ulk oumlk ebomr-turk jmg i`sib y ebl ilìb ìpketbsborm gks pmrsblks y mg kio`mltm.

Ml mg eksb jm mlcmrimjkjms cbg`k-rms ebib rbyks y ikledks, mg bonmt`vbjm gks kpgèke`blms sbl gks dbnks, jbljmdky qum eblsmfu`r :8 =8 fbtks/ei?.Mstk mlcmrimjkjms lbrikgimltm sm `l`-e`kl ml gks dbnks `lcmr`brms, pbr gb qum msìpbrtkltm qum gks fbtks ggmfuml k mstml`vmg s`l ekmr kg sumgb, mggb ìpgèk mg usbjm fbtks jm tkikb imj`ks - lks, msjme`r ul SIJ (jìmtrb vbguitrèbimj`b) jm ?88 -?=8 . Gks fbtks lkst`mlml ulk ikybr pmlmtrke`l, qum gks

g j g

pbr gb qum pbeks sbl `ltmremptkjks pbrgks msp`fks. I`mltrks qum gks fbtks lks,pbr su imlbr `lmre`k, t`mlml ulk imlbrvmgbe`jkj jm ekjk jm iklmrk k qum ms-tl is mxpumstks k smr jmr`vkjks pbr mgv`mltb pbr gb qum su rmebrr`jb s`fum gkjmsmkjk trkymetbr`k bogèuk.

]lk ebipgèke`l kjè`blkg pkrk mgebltrbg jm gks mlcmrimjkjms jm gk msp`fkmspme`kgimltm Cuskr`bs`s jm gk Msp`fk, msg j g

jm kltmrks mxpumstks y kltms jm qum gks ebl-jè`blms egìtèks smkl ckvbrkogm k gk ml-cmrimjkj. Ms pbsògm qum sm rmqu`mrk isjm ulk kpgèke`l ml eksb jm egìk gguv`bsby eg`jb jurkltm tbjk gk brke`l.

Ml eksb jm orusblm (Ikflkpbrtdmfr`smk), gk kpgèke`l tkio`l jmom smrprmvmlt`vk y mg bonmt`vb jm gks fbtks jmgk kspmrs`l jmomrk smr mg rkqu`s jm gkmsp`fk y gk pkrtm supmr`br jmg tk ggb. Xkrkg g g


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pbtmle`kg jm rmlj`i`mltb y rms`stmle`k kc j j g`j j t o`g`

MSMLZBU


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mlcmrimjkjms, pbsmkl ekg`jkj y mstko`g`-jkj jm gk ekg`jkj kul kltm ebljè`blmskio`mltkgms kjvmrsks b mrrtèks.

Gks kgtks tmipmrkturks ml ebljè`b-

lms smi`-trbpèkgms y trbpèkgms rmprm-smltkl ul frkl rmtb ml imnbrki`mltbyk qum gks kgtks tmipmrkturks pumjmlibjèkr gk cule`blkg`jkj jm gks prb-tmlks jmg fgutml, gks eukgms jmlml gkekg`jkj jm pklèke`l. Kul eukljb lbsm eblbeml o`ml gbs cketbrms fmltèbs yjm `ltmrkee`l fmlbt`pb-kio`mltm qumrmfugkl gk tbgmrkle`k kg mstrs trièb,

ms lmemskr`b smgmee`blkr pbr ekg`jkj oknbmstks ebljè`blms.

]lk mstrktmf`k me`mltm ebls`stm mlekrketmr`zkr prbfml`tbrms ebl rmspmetbsu ebipbsè`l jm fgutml`lks pkrk ut`-g`zkr ml eruzki`mltbs kqumggbs qum pb-smkl gk fgutml`lks jmsmkogms. Is kjm-gkltm, ml mtkpks kvklzkjks tmiprklks, ymxpbl`mljb k gks glmks k mstrs jm ekgbr,

smr lmemskr`b smgmee`blkr kqumggbs fm-lbt`pbs qum iumstrml imnbr tbgmrkle`kb mstko`g`jkj ml ekg`jkj kltm mg mstrstrièb, `ljè.

Gbs itbjbs eblvmle`blkgms usk-jbs pkrk mvkgukr gk ekg`jkj jmg tr`fb

j j

I kr`klb Ebsskl` mxpusb mg trkoknb mleblnultb mgkobrkjbr ebl IkttdmwX. _mylbgjs ml mg Emltrb @ltmrlke`blkgjm Imnbrki`mltb jm Ikz y Zr`fb, E@I-

IPZ. _mebrj qum mg tr`fb ms ulb jm gbseugt`vbs jm frklb is kipg`kimltm eug-t`vkjbs k l`vmg iulj`kg. U`l miokrfb, mgimnbrki`mltb jmg rmljì`mltb pbtmle`kgjm tr`fb ml kio`mltms jm tmipmrkturkskgtks ms ul prm-rmqu`s`tb pkrk ikltmlmrg j j g g o g G

Ebltròue`blms s`bgfèks

kg imnbrki`mltb jmtr`fb tbgmrkltm k gkstmipmrkturks mgmvkjks

nbrki mltb pkrk `lebrpbrkr ekrketmrstèks

s`bgfèks jmsmkjks (oknk tmipmrkturk jmeklbpmb, kjmeukjb s`stmik rkjèkg, dko`g`-jkj jm kgikemlknm y ibv`g`zke`l jm ekr-obd`jrktbs sbguogms, ikltmlì`mltb jmgrmk vmrjm, y mstko`g`jkj jm imiorklkscrmltm k mp`sbj`bs jm tmipmrkturks kgtks)ml lumvks fmlmrke`blms jm glmks mg`tm.

Gks lumvks dmrrki`mltks jm cmlbt`-pkjb jm kgtb ekujkg cke`g`tkl mg usb jm

rmeursbs fmltèbs pkrk `lebrpbrkr lum-vbs kgmgbs k gk vkr`ko`g`jkj fmlbtpèkmx`stmltm ml glmks mg`tm. _me`mltmimltm,prbtbebgbs imnbrkjbs pkrk mstìkr gk ms-tko`g`jkj jm imiorklks crmltm k mp`sb-j`bs jm tmipmrkturks kgtks, ljèkrbl qumg

Xkrtè`pkltms jmg UmxtbUmi`lkr`b Jmg Frklb kg Xkl.


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IM_EKJB

U n I


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M l mg l`vmg iulj`kg mg ]UJK prbymet gkprbjuee`l jm ikz ml 036,05 i`ggblmsjm tblmgkjks, pbr jmoknb jm gbs 065,46 i`-ggblms jmg ims pkskjb. Gks mx`stmle`ks cumrblekgeugkjks ml ?84 0: i`ggblms pbr jmoknb jm

M l mg l`vmg iulj`kg mg ]UJK prbymetgk ebsmedk jm sbnk ml 5;0,8; i`ggblmsjm tblmgkjks, pbr jmoknb jm gbs 5?8,;;i`ggblms jmg ims pkskjb. Gks mx`stmle`kscumrbl ekgeugkjks ml 60,?4 i`ggblms, pbrjmoknb jm gbs 4?,=4 i`ggblms.

Ksì`sib pkrk Mstkjbs ]l`jbs ebibeblsmeumle`k jmg rmebrtm jm gk supmr-e`m ebsmedkjk, jm 55,56 k 55,;5 i`ggblmsjm dmetrmks, y jm gk rmjuee`l jmg r`l-jm prbimj`b lke`blkg, jm 5?,:4 k 5?,?4qu`ltkgms pbr dmetrmk, mg ]UJK mstì mgvbguiml jm gk prbjuee`l jm sbnk ml gbsMstkjbs ]l`jbs ml ;83,0= i`ggblms jm tb-lmgkjks, pbr jmoknb jm gbs ;84,5= i`ggblmsjmg ims pkskjb, e`crk qum tkio`l mrk prm-v`stk pbr gbs pr`vkjbs.

Gmvm imrik mlprbjuee`l y stbea

Mg ]UJKmstì imlbsprbjuee`l

iulj`kg

Ml mg rmstb jm gbs limrbs jm gk eki-pkk mstkjbul`jmlsm, mg brfkl`sib rmjunbgmvmimltm gks mx`stmle`ks `lè`kgms, jm =,?;k =,;0 i`ggblms1 ikltuvb ml 4?8.888 tb-lmgkjks gks ìpbrtke`blms1 ml =;,:: i`-ggblms gk ibg`mljk1 rmjunb jm ==,83 k ==i`ggblms mg usb tbtkg, y kedè jm :3,34 k:=,00 i`ggblms gks mxpbrtke`blms. Ks, mgstbea lkg cum ekgeugkjb pbr mg ]UJK ml;;,03 i`ggblms jm tblmgkjks, pbr jmoknb jmgbs ;?,3= i`ggblms jmg ims pkskjb y jm gbs;?,6: i`ggblms mstìkjbs pbr gbs pr`vkjbs.

_mspmetb jm gk bcmrtk jm Uujkir`-ek, mg ]UJK mstì gk ebsmedk jm sbnk jmOrks`g ml ;88 i`ggblms jm tblmgkjks, s`lekio`bs crmltm kg `lcbrim jmg ims pkskjb.Uus mxpbrtke`blms cumrbl sbstml`jks ml =6i`ggblms.

Ml eukltb k gk Krfmlt`lk, mg brfkl`s-ib mstì gk prbjuee`l jm sbnk ml =6 i`-ggblms jm tblmgkjks, s`l ekio`bs. Uus mx-pbrtke`blms s`l miokrfb cumrbl mgmvkjks

Ubnk Ikz

k ;,8? i`ggblms1 ikltuvb mg usb cbrrknmrb ml

Z `


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M l mg l`vmg iulj`kg mg ]UJK prbymetgk ebsmedk jm tr`fb ml 65=,05 i`ggb-lms jm tblmgkjks, pbr mleìk jm gbs 65:,05i`ggblms jmg ims pkskjb. Gks mx`stmle`kscumrbl ekgeugkjks ml ?5?,8: i`ggblms,crmltm k gbs ??0,43 i`ggblms.

Ml su vkgbrke`l sborm gk ekipkk mstk-jbul`jmlsm, mg ]UJK ikltuvb mg vbguimljm gk ebsmedk jm tr`fb ml ==,4: i`ggblms jmtblmgkjks1 rmjunb jm 5,:8 k 5,?6 i`ggblmssus ìpbrtke`blms1 kedè jm :,08 k :,84i`ggblms mg usb cbrrknmrb1 jm 55,;4 k 5?,?8i`ggblms mg usb tbtkg, y ikltuvb ml ?;,66i`ggblms mg skgjb mxpbrtkogm. Ml mg knustm jmtbjks mstks e`crks, mg brfkl`sib mstì ml?=,3; i`ggblms jm tblmgkjks gks mx`stmle`kslkgms, pbr mleìk jm gbs ?:,60 i`ggblmsjmg ims pkskjb y jm gbs ?=,8; i`ggblms ekg-eugkjbs pbr gbs pr`vkjbs.

Ksì`sib sbstuvb gks ebsmedks jmKustrk g`k y jm Eklkj ml ?3 y ml ?6,38i`ggblms jm tblmgkjks ml tkltb qum gbs

@lermimltk gk ebsmedky gks mx`stmle`ks

;5:,35 i`ggblms1 kedè jm 58;,66 k 58;,=;i`ggblms mg usb tbtk (mg usb pkrk mtklbg qumjml ;5?,80 i`ggblms), y rmjunb gks mxpbrtke`blms,jm ::,:= k :5,;4 i`ggblms. Ml mg okgklem jm

tbjks mstks e`crks, gks mx`stmle`ks lkgms cumrblekgeugkjks ml :=,64 i`ggblms jm tblmgkjks, pbrmleìk jm gbs :=,5: i`ggblms jm jè`miorm y jmmsm i`sib vbguiml mspmrkjb pbr gbs pr`vkjbs.

Kemrek jm gk bcmrtk sujkimrèklk, mg]UJK mstì gk ebsmedk jm ikz jm Orks`g ml4;,=8 i`ggblms jm tblmgkjks, s`l ekio`bs rms-pmetb jm jè`miorm. Uus mxpbrtke`blms cumrblprbymetkjks ml ?=,=8 i`ggblms jm tblmgkjks,pbr mleìk jm gbs ?= i`ggblms prmv`stbs ml mgrmpbrtm kltmr`br. Dby, gk Ebipkk Lke`blkgjm Kokstmeì`mltb (Eblko), jmpmlj`mltm jmgI`l`stmr`b jm Kfrèugturk jm Orks`g mgmv jm4?,8: k 4?,55 i`ggblms su prbymee`l sborm gkebsmedk orks`gmk y ekgeug ul skgjb mxpbrtk-ogm jm ?4 i`ggblms jm tblmgkjks.

Ml eukltb k gk Krfmlt`lk, mg brfkl`sibmstì gk prbjuee`l jm ikz ml ?=,38 i`ggb-lms jm tblmgkjks, s`l vkr`kltms crmltm kg lcbr-im jm jè`miorm. Jm `fukg ibjb, sus mxpbr-tke`blms cumrbl sbstml`jks ml ;3 i`ggblms.

_mspmetb jm gk ]l`l Murbpmk (]M), mg]UJK lb d`zb ekio`bs, jkjb qum ikltuvbsu prbjuee`l ml =6,6= i`ggblms jm tblmgk-jks1 sus ìpbrtke`blms ml ;3 i`ggblms, y susmxpbrtke`blms ml ; i`ggl jm tblmgkjks.

Kemrek jm Ed`lk mg ]UJK rmjunb su prm-

jm 3; i`ggblms jm tblmgkjks, pbr mleìkjm gbs 38,=8 i`ggblms jm jè`miorm, pmrbsus mxpbrtke`blms cumrbl sbstml`jks ml?5,=8 i`ggblms.

Gks ebsmedks jm ]erkl`k y jm Akzkns-tl cumrbl sbstml`jks s`l ekio`bs, ml ?6y ml ;: i`ggblms jm tblmgkjks kg `fukg

Zr`fb

NB_LKJK ZEL@EK

E]K_ZK NB_LKJK IM_EKJBU F_KLK_@BU ML XK_KF]KP


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Jmskcbs y mstrktmf`kspkrk mg lumvb msemlkr`b


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qum sbl EIM Frbp y _N Or`ml. Gk `jmkcum tmlmr ulk v`leugke`l ebl Ed`ekfb, ul

NB_LKJK ZEL@EK


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c fgufkr jbljm fmlmrk prme`bs y sm rmkg`zkl gkebomrturk y gks mstrktmf`ks is sbstèkjksml mg tmik jm gk ebimre`kg`zke`l frklk-

rk, `ljè.

Lumvk bpe`l jm ebrtb pgkzbpkrk Uujkirèk._bomrtk Xkk-rb, mspme`kg`stk ml Jmskrrbggb jm Imrek-jbs jm EIM Frbup prmsmlt ulk lumvkbpe`l k ebrtb pgkzb pkrk sbnk ml Uujk-irèk. Ms ul prbjuetb lumvb qum cul-e`blk ebib smfurb. Ebls`stm ml ul smfurb

j`rmetkimltm ebl Edèkfb, ebl gbs orbamrsgbekgms qum t`mlml keemsb k Edèkfb, j`nb.

_m`tmr qum sbl bpe`blms jm ebrtb pgk-zb ml gbs imsms j`cmr`jbs, jm vmleì`mltbtmiprklb qum sm rmgke`blkl ebl mg ebltrk-tb jm cuturbs jm smi`ggks jm sbnk jm ikyb.

Ms ulk bpbrtul`jkj pkrk fmrmle`krgbs r`msfbs ebl ebstbs is oknbs y kprb-vmedkr. Ubl j`cmrmltms mstrktmf`ks qum sm

pumjm ut`g`zkr.Xkkrb jmstke qum mstks bpe`blms jm

ebrtb pgkzb sm ìpgmimltkrbl ml Kir`-ek jmg Lbrtm ml mg ?8;? y kdbrk sbl eks`= i`gggblms jm ebltrktbs lmfbe`kjbs. Mgx`tb jm mstk mxpmr`mle`k y gk jmikljk mlg L d j d

Xmrspmet`vks jm gbs ebiib-j`t`ms.

Ukgvkjbr J` Utmcklb, klkg`stk jmKfrbmjueke l y ulb jm gbs j`smrtkltms jmgpklmg Xmrspmet`vks Fgbokgms jm gbs Ebi-ibj`t`ms Kfrebgk, ml su klg`s`s sborm mgmsemlkr`b `ltmrlke`blkg j`nb qum sm mst lb-tkljb ulk cumrtm jmskemgmrke`l meblièkml Kirèk Gkt`lk, prbjuetb jm e`leb cke-tbrms. Mluimr gbs cketbrms y j`nb qum pbr

ul gkjb dky ulk prbokogm suok jm `ltmrsml Mstkjbs ]l`jbs. Msk suok t`mlm mg pultbjbs qum ms gk rmvkguke`l jmg jgkr, qum kcme-tk mg prme`b jm gks iktmr`ks prìks, mg pultbtrms smrk gk ekjk jmg prme`b jm gks iktmr`ksprìks, mstb ggmvkrk kg pultb euktrb qum gk

j j g j

qum mst ml fumrrk. Zbjb msb vk k fmlmrkrqum mg 58% jmg iuljb tmlfk ulk jmskemgmrk-e`l meblièk, j`nb mg meblbi`stk.

I`rkljb kg ?8;3, mg klkg`stk jmKfrbmjueke`l j`nb qum lb kv`zbrk ulkimnbrk sustkle`kg ml mg kb ?8;3, pbr gbeukg ebls`jmr lmemskr`b qum gbs prbjue-tbrms mstkogmzekl kgfulk mstrktmf`k pkrklb ekmr ml msm msemlkr`b rmems`vb.

]lk jm gks mstrktmf`ks qum sm jmom ebl-s`jmrkr ms pmlskr ml eib rmkg`zkr kfrmfkjbjm vkgbr sborm gk prbjuee`l prìkr`k, pbr-qum pbr tbjks mstks s`tuke`blms, gk prbjue-e`l prìkr`k mst ebljmlkjk k ul msemlk-r`b jm prme`bs mstkogms k gk oknk. @ljè qumg j j j

Kljrmk Fmlt`gm, j`rmetbrkjm Kfrbmjueke`l.

_bomrtk Xkcckrb, mspme`kg`stk mlJmskrrbggb jm Imrekjbs jm EIM Frbup.


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KF_BLMFBE@BU


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Mxpmetkt`vks pbr mgrmlj`i`mltb jm gksbnksbnk

Xkrk mqu`g`orkr gbs ebstbs jm


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M g cmlimlb egìtèb Mg L`bms ulbjm gbs pultbs k tmlmr ml eumltk ml gkX g j

jm knustm, ml mg qum mg prme`b jm gk sbnk eky isjm ]U$ ;=8 pbr tblmgkjk. Xkrk ?8;3 sm prmv uljmsemlsb kjè`blkg. Ms jme`r, sm mspmrk qum jm mltrm]U$ 588 y ]U$ 5;8 pbr ekjk i`g a`gbfrkibs pksm

k ]U$ ?38 pbr tblmgkjk, pkfkjb kg prbjuetbr. Ms-pmrkibs qum rmpultm kgfb, b o`ml mspmrkibs botmlmrimnbrms rmljì`mltbs qum kyujml k imnbrkr ul pbebgks pmrspmet`vks. Jmsjm mg pultb jm v`stk jm prme`bs yirfmlms, mstkibs iuy mstrmedbs, imle`bl.

Gk kpmrturk jm Krfmlt`lk k gk sbnk pkrkfukyk pb-jrk imnbrkr mg prme`b pkrk mg prbjuetbr gbekg y pkrkgbs mxpbrtkjbrms qum keemjkl k mstm imrekjb. Gbsebstbs pkrk ggmfkr k mstm jmst`lb sbl imlbrms, gb qum

tmljrk ebib eblsmeumle`k kgfl omlme`b, mxpgè.Xkrk mqu`gòrkr gbs ebstbs jm prbjuee`l jm

sbnk, mg prbjuetbr jmom gbfrkr ul prbimj`b jm?.6=8 a`gbfrkibs pbr dmetrmk, ebl t`mrrk y -lkle`ke`l prbp`ks. Ml supmre`ms kgqu`gkjks mgebstb ms btrb. Pk lb ms v`kogm, smkg Er`stkgjb.E j == jg

prbjuee`l jm sbnk, mg prbjuetbrjmom gbfrkr ul prbimj`b jm ?.6=8a`gbfrkibs pbr dmetrmk, eblt`mrrk y lkle`ke`l prbp`ks.

LBZK JM ZKXK


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LBZK JM ZKXK

Xbr su pkrtm, mg @lf. Kfr. Ikrebs S`-ggkgok, j`rmetbr fmlmrkg jm Xrbfrkiks jm@lvmst`fke`l jmg @ptk mxpg`e qum mg jk

Nukl Ekrgbs Ebus`b,j`rmetbr jmg @ptk Ekkeup.

Mrkgjb jm Krkunb, j`rmetbrjm Bemkl [ukg`ty.


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@lvmst`fke`l jmg @ptk, mxpgè qum mg jkjm ekipb sm jmskrrbgg ebl mg bonmt`vb jmimnbrkr gk prbjuee`l jm dbrtkg`zks ml

Xkrkfuky. Imle`bl qum ekjk vmz ms isj`ce`g gk prbjuee`l jm ruorbs dbrtebgks,mspme`kgimltm pbr gks jèugtkjms jm br`-fml egìtèb. Kqu vkl k mlebltrkr kspme-tbs qum tmlmibs qum kprmljmr, ebib ekg`jkjjm smi`ggks, usb jm iktmr`kgms, gk lcrkmstrue-turk, mltrm btrbs cketbrms, smkg.

Mrkgjb jm Krkunb, j`rmetbr jm Bemkl[ukg`ty, mxpgè qum gk pkremgk sucr` gk

eblsmeumle`k jm gbs gtìbs mvmltbs egì-tèbs, pmrb `fukgimltm jme`j`mrbl ibstrkrgbs eugt`vbs k gbs prbjuetbrms. Imle`blqum mg eblvml`b qum t`mlml rikjb eblmg @ptk ebls`stm ml mg `ltmrekio`b jm tme-lbgbfks, ml mg qum gk rik sm mlekrfk jmprbvmmr gbs j`vmrsbs `lsuibs pkrk gk prb-juee`l jm dbrtkg`zks. Uborm gb mxdò`jbjurkltm gbs jbs jks jm ekipb, mxpgè qum

gk jmk cum ibstrkr tbjb mg prbemsb jm prb-juee`l jm dbrtkg`zks. Ms jme`r, jmsjm gkprbjuee`l jm gbs pgklt`lms ml mg `lvmrlk-jmrb, qum smkg ebib ulk jm gk cksm isìpbrtkltm jmg eugt`vb, dkstk gk ebsmedk.

Ml eukltb k gk prbjuee`l dbrtebgk,K g j j

M g jk jm ekipb rmf`str ul ouml l-imrb jm pkrtè`pkltms, mltrm prbjue-tbrms, prbcms blkgms telèbs y mstuj`kltms.Jmspus jm ulks ormvms pkgkorks jm o`ml-vml`jk pbr pkrtm jm gbs rmspblskogms jmg@ptk y jm gk rik Bemkl [ukg`ty, `lè`k-rbl mg rmebrr`jb pbr mg ekipb jmibstrkt`-vb smpkrkjbs ml frupbs jm 58 pmrsblks. Gk

c g j g

_mebrr`jbjmg sumgb mv`tkljb gk ltmlsk e`reugke`l jmk`rm pbr jmoknb, gb qum pmri`tm ikltmlmrgbs l`vmgms jm duimjkj jmsmkjbs. Eukltbis kgtb mst gk imskjk, is rp`jb sm smek.

Btrb cketbr k tmlmr ml eumltk ml rmgk-

e`l kg iklmnb jm iujk ml `lvmrlkjmrbms gk `rr`fke`l. Ekltmrb mxpgè qum gbspgklt`lms rmqu`mrml jm ? k 5 r`mfbs pbrjk, jmpmlj`mljb jmg egìk. _mebimljlb mxemjmrsm ml mstm pultb pkrk mv`tkr mggkvkjb jmg sustrktb.

M g g g

J`vmrsks tmelbgbfksmxpumstks ml gk beks`l.


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prbjuetbs Ekrbg`lk Ub`g jb Orks`g, qum ms

ulk corèk jm sustrktbs mspme`kgms.Ml btrb ibimltb, ebimlt qum ut`-g`zkl ul pgstèb j`cusbr ml mg `lvmrlkjm-rb. Mstm, kpkrtm jm j`stròu`r gk guz sbgkrjmltrb jm gk mstrueturk, rmjuem gk tmipm-rkturk. Mstm kspmetb le`jm jm frkl cbrikml mg jmskrrbggb jm gk iujk.

Xrbjuee`l jm dbrtkg`zks ml

ebljè`blms kjvmrsks.

Kjmisjm mxdò`r vkr`mjkjms jm gbs j`cmrmltmseugt`vbs, mg bonmt`vb pr`le`pkg jm mstk nbr-lkjk jm ekipb cum ibstrkr ul s`stmikjm prbjuee`l j`cmrmltm, qum pmri`t`rkg dbrtèugtbr botmlmr oumlbs rmljì`ml-

g j j

prbtmfmr mg sumgb, eumltkl ebl s`stmiks

jm `rr`fke`l pbr fbtmb y dkeml usb jm gksikggks im

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CAMPO - AÑO 15 - NUMERO 175 - ENERO 2016 - PARAGUAY - PORTALGUARANI